Nakamoto, the bitcoin-treasury vehicle led by cryptocurrency entrepreneur David Bailey, has completed a merger that frees the company to deploy fresh capital into digital assets. Following the transaction, Nakamoto now has the corporate authority and funding structure to buy up to about $740 million worth of Bitcoin, according to statements published Thursday on social media by industry outlets. Bailey has positioned Nakamoto as a balance-sheet investor in Bitcoin, echoing strategies pursued by firms such as MicroStrategy. Details of the counterparty in the merger and the timeline for deploying the funds were not disclosed, but the announcement signals another potentially large buyer entering the market at a time when supply remains constrained by last spring’s halving event.