David Bailey, a Bitcoin advocate and advisor to President Donald Trump on cryptocurrency policy, has announced plans to purchase $762 million worth of Bitcoin. Bailey, who is the CEO of Bitcoin Magazine and the founder of Nakamoto Holdings, stated that the purchase could begin as early as Tuesday, August 12, 2025.
Bailey expressed his long-held ambition to make such a large Bitcoin purchase. Nakamoto Holdings has increased its Bitcoin treasury target to $763 million after securing private placement commitments. In June 2025, the company raised over $51 million through a private investment in public equity (PIPE) deal to expand its Bitcoin holdings.
According to Bailey, the purchase will utilize a Volume Weighted Average Price (VWAP) strategy. This involves breaking up the large order into smaller trades to minimize market slippage and disruption, rather than executing a straight market buy.
Bailey has also expressed interest in raising up to $200 million for a political action committee (PAC) to promote Bitcoin's interests in the United States. This PAC, potentially anchored by Nakamoto Holdings, would support pro-Bitcoin political candidates and initiatives.
This announcement comes at a time when the Trump administration has been taking steps to establish a strategic Bitcoin reserve. In March 2025, President Trump signed an executive order creating both a Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile. The executive order defines Bitcoin as "digital gold" due to its limited supply and security. The government currently holds over 207,000 Bitcoin, worth approximately $17 billion.
Earlier in August 2025, Bo Hines stepped down as Executive Director of the White House Crypto Council. During his tenure, Hines helped shape America's approach to cryptocurrency regulation and policy. He also championed the creation of a national Bitcoin strategic reserve, promoting budget-neutral ways to acquire more Bitcoin.
David Sacks, Trump's crypto and AI advisor, stated that the path to acquiring Bitcoin for the strategic reserve is ready. He indicated that it is now a matter of getting the relevant executive departments "excited" about the prospect.
Bitcoin's price has seen volatility, but has established an all-time high above $110,000 in 2025. Bitcoin ETFs have allowed it to be exposed to a wide range of top institutional asset managers, including BlackRock and Fidelity. As of August 12, 2025, the current price of Bitcoin is around $118,968. Bitcoin price has recently corrected from a high of $122,273 and is currently consolidating above $118,000, facing immediate resistance at $119,250 and key resistance at $120,500.
