Nakamoto’s Next Phase with David Bailey

Mar 19, 2026

Bimnet Abibi, a trader at Galaxy Trading who offers macro and market commentary. David Bailey, CEO/founder of Nakamoto and creator of Bitcoin Magazine and the Bitcoin Conference. They talk about Fed policy and commodity-driven inflation. They discuss Nakamoto’s acquisition moves, strategic Bitcoin treasuries, regulatory shifts under the Trump administration, and AI+Bitcoin themes ahead of Bitcoin 2026.

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ADVICE

Pressure For Visible Treasury Purchases

Build political pressure around big, simple wins like a budget‑neutral Strategic Bitcoin Reserve acquisition program.
Bailey argues voters mobilize for visible purchases more than regulatory clarity, so prioritize concrete acquisitions.

ANECDOTE

Seized Bitcoin Custody Was A Train Wreck

The U.S. government's custody of seized Bitcoin was chaotic with poor controls and thefts exposing fiduciary failures.
Bailey recounts vendors' mismanagement, including a vendor's son stealing funds, as evidence cleanup was necessary.

INSIGHT

Treasury Companies Need Operating Businesses

Combining treasury balance sheets with operating Bitcoin businesses creates optionality and new valuation approaches beyond MicroStrategy's model.
Nakamoto merged BTC Inc. and UTXO to capture recurring income, proprietary data, and distribution synergies.

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Alex Thorn talks with Nakamoto CEO David Bailey about its acquisition of BTC Inc. and UTXO Management. The acquisition brings Bitcoin Magazine and The Bitcoin Conference under Nakamoto’s roof, making Nakamoto one of the first bitcoin treasury companies to acquire operating businesses. Alex and David also discuss the Trump Administration’s bitcoin and crypto policies and preview the upcoming Bitcoin 2026 conference in Las Vegas this April. Alex also talks with Beimnet Abebe about markets, Fed policy, and his constructive outlook on BTC.

Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC) and Ethereum (ETH). Galaxy regularly engages in buying and selling BTC, ETH, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in BTC and ETH. If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC and ETH, are inherently volatile and risky and ultimate market movements may not align with this statement.

For additional risks related to digital assets, please refer to the risk factors contained in filings Galaxy Digital Inc. makes with the Securities and Exchange Commission (the “SEC”) from time to time, including its Quarterly Report on Form 10-Q, available at www.sec.gov.
This episode was recorded on Wednesday, March 18 , 2026.