David Bailey, head of Bitcoin-focused firm Nakamoto Inc. and co-founder of BTC Inc., is preparing for a major Bitcoin purchase.
He plans to spend $762 million on cryptocurrency on August 12, which at current prices would be around 6,400 BTC
$117,550.88
.
Instead of buying it all at once, Bailey will use a Volume Weighted Average Price (VWAP) method. This approach breaks a large order into smaller trades throughout the day to help avoid sudden price changes and reduce trading costs.
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Bailey has described the buy as a step toward a personal goal. He said in an August 11 post on X:
Ever since getting into Bitcoin, I’ve always had this dream of smash buying $1 billion of Bitcoin in a single bid. Tomorrow, that dream comes true.
Although the amount is less than that, he has made clear that larger purchases could follow.
In a separate post on X, he said Nakamoto Inc. has a “one-of-a-kind strategy” that he believes will make it one of the largest Bitcoin holders.
Bailey has advised President Donald Trump on cryptocurrency policy during the presidential campaign and has been credited with influencing Trump’s shift toward Bitcoin.
Recently, Bailey said he was considering raising $100 million to $200 million for a political action committee (PAC) backed by Nakamoto Inc. What is the goal of the proposed PAC? Read the full story.
