David Bailey, the CEO of Bitcoin BTC/USD treasury company Nakamoto Holdings Inc., created a buzz on Monday by announcing a $1 billion BTC purchase.

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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. 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. 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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