David Bailey, the CEO of Bitcoin (CRYPTO: BTC) treasury company Nakamoto Holdings Inc., created a buzz on Monday by announcing a $1 billion BTC purchase.
What's The Truth Behind?
Bailey, known for his role as CEO of Bitcoin Magazine and as a Bitcoin advisor to President Donald Trump, said in an X post that he is going to fulfill his dream of "smash buying $1 billion of Bitcoin in a single bid."
While the $1 billion figure caused a stir, it eventually turned out to be a case of engagement farming. In a follow-up statement, Bailey clarified that the actual amount is around $760 million, and that he did some “generous rounding.”
The rhetorical statement did not amuse X users, with many blasting Bailey for being unserious.
See Also: Cathie Wood Bets $19 Million More On Jack Dorsey’s Block Amid Bitcoin’s All-Time High Push, Dumps Shopify Stock
Nakamoto Set To Merge With Kindly MD
Nakamoto announced a definitive merger with Nasdaq-listed healthcare firm Kindly MD Inc. (NASDAQ:NAKA) earlier this year, and the merger is expected to close by Tuesday evening, Bailey said.
When the merger was announced, the company reported that it had raised roughly $710 million, consisting of $510 million in PIPE financing and $200 million in convertible notes. A month later, it raised an additional $51 million, bringing the total capital raised to $763 million.
Nakamoto’s stated goal is to grow its Bitcoin holdings and “Bitcoin yield” per share via equity and debt offerings, akin to Michael Saylor’s Strategy Inc. (NASDAQ:MSTR). The company holds 21 BTC, worth $2 million, as of this writing, according to Bitcoin Treasuries.Net
Price Action: Shares of Kindly MD were down 6.44% in pre-market trading after closing 49.22% higher at $14.28 during Monday’s regular trading session. Year-to-date, the stock has soared by a whopping 1,051%.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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