The spectacular collapse of David Bailey’s Nakamoto
Since bitcoin (BTC) treasury company mania peaked on May 12, David Bailey’s Nakamoto (NAKA) has been at the forefront the industry’s subsequent decline. The drop from $28.50 per share to yesterday’s close at $0.96, represents a 96% loss for shareholders since the opening bell of David Bailey’s deal. Widely credited with encouraging Donald Trump to reverse his anti-bitcoin stance and securing his keynote speech at the world’s largest bitcoin conference, Bailey has championed other Trump initiatives like his oddly named US Strategic Bitcoin Reserve that has purchased 0 BTC to date. During Trump’s election and early weeks in office, Bailey also shared lofty predictions about Nakamoto, his own public company. Shares of KDLY, which soon changed ticker symbol to NAKA, opened for trading on May 12 at a breathtaking 1,000% premium to KDLY’s price one week prior. Bailey billed Nakamoto as a treasury company of treasury companies , a meta-play on an ostensibly ingeniou...