Trump advisor launches $300 million bitcoin company

David Bailey, the head of media company BTC Inc. and Donald Trump's cryptocurrency advisor, is preparing to launch a new public company that will invest in bitcoin. According to CNBC, he has already raised $300 million — $200 million in equity and another $100 million in convertible debt.

The project is called Nakamoto, after Bitcoin creator Satoshi Nakamoto. The company will buy and store bitcoins and plans to invest in businesses in countries such as Brazil, Thailand and South Africa. Nakamoto is expected to announce a merger with an existing company on the Nasdaq exchange next week, with a public debut scheduled for this summer.

The company will have influential investors and a board of well-known figures in the crypto community, a source told CNBC.

As a reminder, Democrats recently introduced the "Crypto Corruption Stop Act" in the US Senate, which would prohibit the US President, as well as other federal officials and their immediate families, from creating, issuing, or controlling any cryptocurrencies.