Nakamoto, the company owned by Trump crypto ally David Bailey, has seen its stock price fall roughly 99% from its peak and is now trying to rebuild its operations.

According to Bloomberg, crypto entrepreneur David Bailey—who once helped shift Donald Trump’s stance toward supporting Bitcoin—is now trying to rebuild his Bitcoin treasury firm Nakamoto after its stock price plummeted roughly 99% from its peak. Previously, Bailey raised around $760 million for the public company to build up its Bitcoin reserves. Nakamoto went public via a merger in May 2025, and its stock has since fallen roughly 99% from its all-time high. This decline is part of a broader pullback across digital asset treasury firms, as the premium investors once paid to hold Bitcoin indirectly via public companies has largely evaporated. Bailey’s hedge fund previously generated a 640% return from similar strategies. He noted that he still occasionally communicates with the White House and is working to prove that Nakamoto has a viable, sustainable business despite the sharp stock drop.