Yesterday, the leader of the world’s 109th largest public bitcoin (BTC) treasury company declared his intention to form a political action committee (PAC).
David Bailey of Nakamoto, which currently holds just 21 BTC yet plans to buy hundreds of millions more as early as August 11, has already raised about $1 billion “to cook with.”
However, the media executive plans to raise another $100-200 million for his new PAC “to advance Bitcoin priorities” and “be part of the Bitcoin voter platform.”
For context, that figure would rival fundraises by Super PACs like American Bridge 21st Century and place its 2026 budget at near 4% of total Super PAC expenditures.
Spending even $100 million on 2026 US mid-terms would dwarf median PACs which expend low-single digit millions during even Presidential elections.
It’s unclear whether that raise will include any corporate donation from Nakamoto itself but Bailey said that he wants the PAC to be “anchored by Nakamoto.”
David Bailey and other executives influencing elections
Bailey rapidly worked his way into Washington DC in the spring of 2024 when he endorsed Donald Trump’s candidacy. By July 2024, Trump was speaking at Bailey’s rally-style conference in Nashville and thanking him personally for his efforts.
During the first months of Trump’s latest term as president, Bailey attended various White House functions in-person and earned continued recognition from the administration.
Bailey is just one of many BTC treasury executives with political goals.
Michael Saylor, the outspoken executive chairman of MicroStrategy, has met with lawmakers and publicly called for the protection of BTC as a strategic national asset. Indeed, he spends so much time in Washington, DC that he settled a lawsuit calling him out for pretending to not live there.
Saylor’s company, MicroStrategy, owns about $72 billion worth of BTC.
Jack Dorsey, co-founder of Block (formerly Square) and Twitter, has also supported pro-BTC and libertarian candidates. He’s donated to Tulsi Gabbard, Andrew Yang, and even endorsed Robert F. Kennedy Jr. for president in June 2023.
Dorsey’s company, Block, owns about $1 billion worth of BTC.
Read more: Trump win sends Bitcoin price to all-time high — and boosts 8 key metrics
Many other executives of companies holding BTC as a corporate asset have attended White House functions, including Paolo Ardoino of Twenty One (43,514 BTC), Tyler and Cameron Winklevoss (17,938 BTC), and Brian Armstrong of Coinbase (11,776 BTC).
With over 1.2 million BTC managed by public and private treasury executives, these leaders have enough wealth to contribute lavishly to mid-term and presidential US elections for many years to come.
