The stock of Nakamoto Inc., controlled by Trump crypto ally David Bailey, plunged 99% from its peak.

According to Bloomberg, crypto entrepreneur David Bailey, who played a pivotal role in helping Trump pivot to Bitcoin, has seen the stock of his publicly traded company, Nakamoto Inc., plunge approximately 99% from its peak since the merger announcement in May 2025. Previously, Bailey raised roughly $760 million for the firm to build Bitcoin reserves, and his hedge fund also posted a robust 640% return. This latest downturn reflects the broader collapse of digital asset treasury companies, as the premium investors were previously willing to pay to hold Bitcoin through publicly traded entities has significantly faded. Bailey stated that he maintains irregular contact with the White House and is currently focused on proving that the company retains a viable business foundation despite the crash.