Trump’s crypto adviser to ‘smash buy’ $762M of Bitcoin this week

David Bailey, a Bitcoin advocate who has advised US President Donald Trump on crypto policy, announced plans to buy $762 million worth of Bitcoin as early as Tuesday. 

“Ever since getting into Bitcoin, I’ve always had this dream of smash buying $1 billion of Bitcoin in a single bid,” he said on Monday. “Tomorrow, that dream comes true.” 

Bailey later noted the $1 billion figure was a “generous” round-up from $762 million. Source: David Bailey

The amount would buy around 6,400 Bitcoin (BTC) at current market prices. 

Bailey added that the purchase will use a Volume Weighted Average Price (VWAP) strategy, which breaks the large order into smaller trades to minimize slippage and market disruption, instead of a straight market buy. 

Bailey is the CEO of Bitcoin-native holdings company Nakamoto Inc., and also co-founded Bitcoin Magazine’s parent company, BTC Inc. 

“We have a one-of-a-kind strategy at Nakamoto; once you see it in action, you’ll understand why we’ll be one of the top holders of Bitcoin in the world,” he said in another post, adding: 

Raising Bitcoin awareness in the US

Bailey served as an adviser during Trump’s presidential campaign and is credited with being a central figure in the president’s Bitcoin pivot.

Earlier this month, he expressed ambitions to raise $200 million for a political action committee (PAC) to advance Bitcoin’s interests in the US. 

“I’ve learned a lot about politics and how the game is played this year. I’m thinking about raising a $100m-$200m PAC, anchored by Nakamoto, to advance Bitcoin priorities,” he said at the time. 

Related: Trump’s Bitcoin mentor bet on BTC treasury strategies — and his wealth is exploding

Nakamoto adopts bullfrog as mascot

Nakamoto changed its mascot to a bullfrog on Monday, with Bailey explaining that it represents a “legendary treasure hoarder, an apex predator, an invasive species, and willing to eat anything that grows our Bitcoin per share.”

Nakamoto adopts the American bullfrog as its mascot. Source: Nakamoto

In June, the firm secured $51.5 million in capital through a private placement in a public equity deal, according to a statement from merger partner KindlyMD.

Corporate holdings keep climbing

At least 17 organizations have added Bitcoin to their treasuries over the past month, according to data from BitcoinTreasuries.NET.

The total number of public and private companies holding the asset now stands at 221, and together they have more than 1.24 million BTC. 

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