David Bailey’s Fund Is Up 640% After Converting Trump on Crypto

A key architect of the lobbying campaign that turned Donald Trump into crypto’s most powerful advocate has made a wildly lucrative bet on one of the industry’s frothiest corners.

David Bailey’s hedge fund 210k Capital posted a net return of 640% in the 12 months through June after investing in about a dozen companies that turned themselves into Bitcoin buyers, according to a person familiar with the matter, far exceeding gains in the token itself. The fund had $433 million in assets under management as of June 30, according to the person.