Anthony Pompliano’s Crypto Firm ProCap Buys $386M in Bitcoin
ProCap Invests in 3,724 BTC Following IPO Announcement
Crypto investor Anthony Pompliano’s company ProCap has made a significant move into Bitcoin, acquiring 3,724 BTC for $386 million just days after unveiling its plan to go public later this year.
ProCap BTC, the firm’s Bitcoin-focused financial division, confirmed the purchase on Tuesday, noting that the value of its holdings has already risen to nearly $400 million as Bitcoin’s price continues to climb.
The firm acquired the Bitcoin at a time-weighted average price of $103,785 per coin. The purchase came shortly after Monday’s announcement of a merger with Columbus Circle Capital, a special purpose acquisition company (SPAC), to form ProCap Financial.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano posted on X.
ProCap has outlined plans to accumulate up to $1 billion worth of Bitcoin as part of its broader business strategy, adding its name to the growing list of corporate BTC treasury holders.
SPAC Merger to Take ProCap Public
ProCap’s public listing will occur via a merger with Columbus Circle Capital, a SPAC established to take private companies public through acquisition.
To support the deal, firms have raised over $750 million, including $516 million in equity funding and $235 million in convertible notes.
SPAC mergers allow companies to bypass traditional IPO processes, offering a faster route to public markets.
ProCap Enters the Corporate Bitcoin Treasury Landscape
With its new holdings, ProCap becomes one of the latest companies to join the corporate Bitcoin treasury movement.
If publicly listed today, the firm would rank as the 14th-largest holder of Bitcoin among public companies, sitting just behind medical device company Semler Scientific, according to data from BiTBO.
Institutional Bitcoin Buying Wave Continues
ProCap’s purchase comes amid a week of heavy institutional Bitcoin activity. Strategy, a long-time BTC buyer, expanded its holdings to 592,345 BTC, while Japan’s Metaplanet increased its reserves to 11,111 BTC.
Meanwhile, real estate investor Grant Cardone revealed a 1,000 BTC acquisition for his company’s balance sheet.
Other firms entering the crypto space include Panther Metals, which is combining traditional mineral assets with digital reserves through a $5.4 million Bitcoin purchase, and Norway’s Green Minerals, which announced plans to buy $1.2 billion worth of Bitcoin for long-term treasury holdings.
