The latest Bitcoin mystery: Who is behind the tiny non-profit buying a $2 million ad campaign in the Wall Street Journal?

Three weeks ago, a Bitcoin advocacy group called the Nakamoto Project began promoting their cryptocurrency through a series of print ads in the Wall Street Journal. These ads, which included messages like "read the fine print on the world's most argued-about asset," have generated curiosity about their funding source. The Nakamoto Project, founded in 2023, describes itself as a tax-exempt 501(c)(3) organization registered in Wyoming, with a mission to educate the public about Bitcoin and its role in mainstream finance.

The organization's leaders claim their campaign received funding from "generous donations, both large and small, from people that are mission-aligned." However, the project's first-year financials show that over 88% of its spending went towards executive compensation and contract labor, with only 6% allocated to advertising and promotion.

The Nakamoto Project's social media presence is minimal, with just over 2,000 followers on X and fewer than 10 posts since its creation in July 2023. The organization's taxes were prepared by Satoshi Pacioli Accounting Services, a firm named after Bitcoin's pseudonymous creator, Satoshi Nakamoto.