Key Insights
- ProCap BTC purchased 3,724 Bitcoin for an average price of $103,785 and aims to invest up to $1 billion in Bitcoin.
- This acquisition follows the company’s announcement of a $1 billion SPAC deal and the successful raising of $750 million.
- The firm intends to implement its Bitcoin holdings in various yield-generating strategies.
ProCap BTC, a cryptocurrency-focused financial service founded by investor Anthony Pompliano, rapidly utilized new raised funds. Just a day after disclosing a substantial merger with Columbus Circle Capital Corp. (CCCM) and raising a total of $775 million, the firm secured 3,724 Bitcoin at a time-weighted average price of $103,785.
This strategic buy initiates a treasury initiative that could reach $1 billion in Bitcoin once the SPAC merger is finalized and the combined company, now named ProCap Financial, is publicly listed on Nasdaq.
Shortly after raising $550 million from preferred equity and an additional $225 million from convertible notes, ProCap BTC aims to stand as one of the top Bitcoin holders among publicly listed entities. According to Bitcointreasuries.com, the firm could rank as the 14th largest BTC holder, just below Semler Scientific.
ProCap BTC asserts that Bitcoin has become the new benchmark for capital allocation. “If you can’t beat it, you have to buy it,” the firm stated in a recent press announcement.
The firm is committed to leveraging its Bitcoin for yield-oriented strategies.
