Crypto entrepreneur Anthony Pompliano’s firm ProCap made its debut Bitcoin purchase shortly following its announcement to pursue a public listing.
ProCap BTC declared Tuesday it purchased 3,724 Bitcoin (BTC) for $386 million. This position is currently valued near $400 million, reflecting Bitcoin’s appreciation since the acquisition.
The acquisition occurred at an average price of $103,785 per BTC. This move comes after ProCap publicly announced Monday its intention to go public via a merger with blank-check company Columbus Circle Capital, forming ProCap Financial.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano stated on X.
As part of its strategic plan, the firm aims to allocate up to $1 billion in Bitcoin to its balance sheet, positioning itself among corporate entities holding Bitcoin for treasury purposes.
SPAC Merger for IPO
The planned merger with Columbus, a Special Purpose Acquisition Company (SPAC), is designed to facilitate the company’s public listing. The deal secured more than $750 million, comprising $516 million in equity and $235 million in convertible notes.
A SPAC is a shell company established to merge with or acquire a private enterprise, thereby taking it public.
ProCap Joins Bitcoin Treasury Trend
ProCap BTC is the most recent entrant in an expanding market of companies accumulating substantial Bitcoin holdings for corporate treasuries.
According to data provider BiTBO, if ProCap were currently listed, its Bitcoin stake would rank as the 14th largest among publicly traded Bitcoin holdings.
Corporate Buying Continues
In recent weeks, prominent Bitcoin treasury firms have announced significant purchases. Strategy increased its holdings to 592,345 BTC, while Metaplanet acquired 11,111 BTC. Real estate executive Grant Cardone’s company purchased 1,000 BTC for its treasury, and mineral exploration firm Panther Metals allocated $5.4 million to Bitcoin.
Furthermore, Norwegian deep-sea mining venture Green Minerals announced plans to invest $1.2 billion worth of Bitcoin this week.
Related:
Pompliano’s crypto firm raises $750M to go public via SPAC
