ProCap BTC, LLC, a bitcoin-native financial services firm, announced It has purchased 3,724 Bitcoins at an average time-weighted price of $103,785 each, valued at approximately $386,000,000.
“The Company plans to continue buying bitcoin for its balance sheet as part of its ongoing business strategy,” Press release stating the statement “At the closing of the proposed business combination, ProCap Financial is expected to hold up to $1 billion in bitcoin on its balance sheet.”
Anthony Pompliano’s ProCap BTC announced Yesterday, Columbus Circle Capital Corp. and I signed a definitive merger agreement. ProCap Financial, Inc. (NASDAQ: CCCM).
“The legacy financial system is being disrupted by bitcoin,” Pompliano, said “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”
This combined company will be launching with up to 1 billion dollars in bitcoins on its balance sheets, making it the biggest initial fundraising for a bitcoin Treasury Company to date. Deal includes $516.5 millions in equity and 235 million dollars in convertible bonds.
“From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”
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Source: bitcoinmagazine.com
