Crypto investor Anthony Pompliano’s company, ProCap, has made its first big Bitcoin purchase just days after announcing plans to go public this year.
ProCap Buys $386M in Bitcoin
ProCap BTC, the company’s Bitcoin division, bought 3,724 BTC for $386 million. After a price increase, Bitcoin’s value is now almost $400 million. The company paid an average price of $103,785 per Bitcoin.
This follows ProCap’s announcement that it will go public by merging with Columbus Circle Capital, a special purpose acquisition company (SPAC). The deal will turn the company into ProCap Financial.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you must buy it,” Pompliano said on X.
ProCap Plans to Expand BTC Holdings
ProCap plans to buy up to $1 billion worth of Bitcoin as part of its business strategy, joining other companies building Bitcoin reserves.
The merger deal has raised over $750 million, including $516 million in equity and $235 million in convertible notes. SPACs are companies created to help private firms go public without a traditional IPO.
Big Companies Continue Buying Bitcoin
ProCap now joins other companies adding Bitcoin to their balance sheets. If already public, it would be the 14th-largest Bitcoin holder among public companies, just behind medical tech firm Semler Scientific.
This week, Bitcoin giants Strategy and Japan’s Metaplanet increased their holdings to 592,345 BTC and 11,111 BTC.
Real estate investor Grant Cardone also announced that his company had bought 1,000 BTC for its treasury.
Mineral exploration firm Panther Metals also plans to mix mining with crypto by buying $5.4 million worth of Bitcoin.
Meanwhile the Bitcoin price is now trading at $106,548, a 1.5% jump in the last 24 hours with its daily trading volume climbing in a fraction of a percentaged to $48 billion.
