David Bailey, a central figure behind US President Donald Trump’s recent embrace of cryptocurrencies, has turned his hedge fund into one of the biggest winners of the post-Trump crypto surge.
Bailey’s 210k Capital posted a net return of 640% in the 12 months through June, as per a Bloomberg report, primarily by backing publicly traded companies that pivoted to holding Bitcoin on their balance sheets.
The fund had $433 million in assets under management as of June 30, said the report, citing a source, far outperforming the gains in Bitcoin itself over the same period.
David Bailey: crypto advocate and Trump Ally
David Bailey, also the CEO of BTC Inc and frontman of Bitcoin Magazine and the influential annual Bitcoin Conference, has leveraged his twin roles in media and investment to catalyse both political and market transformations.
Widely credited with persuading President Trump to embrace cryptocurrencies, most visibly at the July 2024 Bitcoin conference in Nashville, Bailey helped elevate Trump from crypto sceptic to vocal proponent.
In a notable moment at the event, Trump publicly praised him: “David, congratulations, whatever the hell you do, you did a hell of a job.”
BTC also co-hosted the “Inaugural Crypto Ball” in January in support of Donald Trump’s incoming administration, with tickets priced at $2,500.
David Bailey’s ties to the Trump family extend beyond his political lobbying.
Eric Trump, the president’s son, serves on the newly formed strategic advisory board of Metaplanet Inc, a Japanese hotelier-turned-Bitcoin proxy that represents roughly a quarter of 210k Capital’s portfolio.
Bailey also sits on Metaplanet’s advisory board.
Behind the massive surge
Unlike traditional hedge funds, 210k Capital has specialised in investing in firms across unrelated sectors — including hospitality and website development — and encouraging them to become Bitcoin treasury companies.
These firms, in effect, turn into Bitcoin proxy stocks, attracting investor attention and often seeing massive rallies.
One of 210k Capital’s most lucrative investments was in The Smarter Web Plc, a Guildford, UK-based firm.
The company went public in April on London’s Aquis Stock Exchange and has since amassed 1,600 Bitcoin, worth approximately $190 million.
Since February, Smarter Web’s shares have surged as much as 14,000%.
210k Capital invested £780,000 in the pre-IPO funding round, receiving stock warrants as part of the deal, according to Smarter Web Chief Executive Officer Andrew Webley.
The fund’s 15% stake has since surged in value and is now worth nearly £110 million, as per the report.
Tyler Evans, 210k Capital’s managing partner, said in a July 15 interview that the fund is currently evaluating another 30 potential investments in Bitcoin-linked firms across countries, including Japan, Canada, Sweden, Australia, the UK, and the US.
According to Evans, these treasury-style Bitcoin plays now account for about 95% of the firm’s total assets.
Political catalyst
The gains come amid a broader resurgence in crypto markets, fueled in part by Trump’s vocal support of the industry.
A pivotal moment came during the July 2024 Bitcoin conference in Nashville, Tennessee, organised by BTC Inc, a media and events company co-founded by Bailey and Evans.
At the event, Trump declared his intention to make the US “the world’s crypto capital,” marking a dramatic shift from his earlier scepticism of digital assets.
The president credited Bailey with influencing his stance.
Bailey had previously called on crypto supporters to help raise $100 million for Trump’s 2024 campaign.
Since then, Trump-aligned policies and rhetoric have catalysed a surge in Bitcoin prices and renewed investor enthusiasm in firms with crypto exposure.
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