Trump's encryption advisor has founded a Bitcoin investment company, expected to go public later this year.

According to The Information, David Bailey, key cryptocurrency advisor to US President Trump and CEO of media group BTC Inc., has raised $300 million to establish a publicly traded Bitcoin investment company. Bailey's company is named Nakamoto, in honor of the creator of Bitcoin, Satoshi Nakamoto. Sources say the company will focus on acquiring and holding Bitcoin, and plans to merge with an existing Nasdaq-listed company, with the announcement expected early next week. The company is expected to go public this summer.