Trump's crypto ally David Bailey's Nakamoto coin has dropped by about 99% from its peak and is currently attempting to rebuild its business

BlockBeats News, September 2nd, according to Bloomberg, the crypto entrepreneur David Bailey, who had helped Trump shift to supporting Bitcoin, is now attempting to rebuild his business after his Bitcoin treasury company Nakamoto's stock price plummeted by about 99% from its peak. Previously, Bailey had raised around $760 million for the publicly listed company to establish a Bitcoin reserve.

In May 2025, Nakamoto announced its entry into the public market through a merger, after which the stock price has cumulatively dropped by about 99% from its high. This trend is part of an overall pullback in digital asset treasury companies, and the premium investors previously paid to indirectly hold Bitcoin through a public company has largely disappeared.

When Bailey's hedge fund previously invested in a similar strategy, it achieved a 640% return. He stated that he still occasionally communicates with the White House and is trying to prove that Nakamoto still has a sustainable actual business even after a significant stock price decline.