Anthony Pompliano’s ProCap Buys $386M in Bitcoin, Eyes $1B as SPAC IPO Nears

Andrew Chen
BITCOIN

Key Takeaways:

  • ProCap purchased 3,724 BTC for $386 million at $103,785 per coin.
  • The firm plans to go public via a SPAC merger with Columbus Circle Capital.
  • ProCap aims to grow its Bitcoin treasury to $1 billion, joining other major corporate holders.

Crypto investor and entrepreneur Anthony Pompliano’s Bitcoin-focused financial firm, ProCap, has made a bold move—announcing a $386 million Bitcoin purchase just as it sets its sights on going public later this year.

The acquisition of 3,724 BTC comes at a time when institutional and corporate demand for Bitcoin continues to grow. ProCap’s strategic buy was made at a time-weighted average price of $103,785 per BTC, and the investment is already nearing $400 million in value due to a recent BTC price uptick.

ProCap Prepares for Public Listing via SPAC Merger

ProCap’s massive Bitcoin buy comes just a day after it confirmed its intent to go public through a SPAC merger with Columbus Circle Capital. The deal, which aims to create a new entity called ProCap Financial, has already raised over $750 million in funding—$516 million in equity and $235 million in convertible notes.

SPACs, or Special Purpose Acquisition Companies, have increasingly become a popular route for startups and private firms to enter public markets. ProCap is leveraging this method to accelerate its entry while aggressively building its Bitcoin-based treasury.

“Bitcoin Is the New Hurdle Rate,” Says Pompliano

Anthony Pompliano, a long-time Bitcoin advocate, emphasized the firm’s conviction in Bitcoin as a superior store of value and investment benchmark. “We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano stated on X (formerly Twitter).

ProCap has plans to scale its Bitcoin purchases even further, with a stated goal of acquiring up to $1 billion worth of BTC. That would position the firm among the top corporate holders of Bitcoin globally, alongside companies like MicroStrategy and Tesla.

Corporate Bitcoin Adoption Accelerates

ProCap joins a growing list of firms turning to Bitcoin as a treasury asset. Recent additions include real estate mogul Grant Cardone’s company, which bought 1,000 BTC, and Japanese firm Metaplanet, which now holds over 11,000 BTC. Even non-crypto firms like Panther Metals and Green Minerals are integrating Bitcoin into their balance sheets, highlighting the asset’s appeal across diverse sectors.

Also Read: Is XRP at $2 the Next Bitcoin? 95% of Traders May Miss the Breakout, Say Analysts

If ProCap were a public company today, its holdings would rank it 14th in global corporate Bitcoin reserves, according to data from BiTBO.

ProCap’s aggressive Bitcoin accumulation strategy signals a firm belief in the long-term value and stability of BTC. As the company prepares to go public, its crypto-heavy approach could set a new precedent for financial institutions merging traditional structures with decentralized assets.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses

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