ProCap, the crypto entrepreneur Anthony Pompliano’s company, made its first Bitcoin transaction just days after it announced that they plan to become public in later this year.
ProCap BTC is a Bitcoin-based financial services company. said On Tuesday, it announced that it had purchased 3,724 Bitcoins (BTC) at a cost of $386,000,000. At current market values, the investment is now just short of $400m at the latest prices.
The asset was purchased for a price of $103,785 on average per BTC. ProCap Financial announced Monday it would merge with Columbus Circle Capital, a blank check company. The purchase follows that announcement.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano said On X.
It is part of the company’s ongoing business plan to purchase up to 1 billion dollars worth of Bitcoin to add to its balance sheet. The firm joins a growing list of BTC corporate treasury companies.
SPAC merger for IPO
ProCap has raised over $1.5 billion through the merger of Columbus with a Special Purpose Acquisition Company (SPAC). $750 million The deal provided $516,000,000 in equity as well as $235,000,000 in convertible notes.
Related: Pompliano’s crypto firm raises $750M to go public via SPAC
SPACs are shell companies that have been set up in order to merge or acquire a private company to bring it to the public market.
ProCap Joins Bitcoin Treasury Bubble
Pompliano’s project is the latest in a growing list of businesses that are grabbing Bitcoin to fund corporate treasures.
The firm’s Bitcoin holdings today would rank 14th among all public companies, only behind medical technology firm Semler ScientificAccording to BiTBO,
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This week alone, the Bitcoin Treasury giants Strategy of Japan and Metaplanet in Japan increased their Bitcoin holdings from 592 345 BTC to 11,111 BTC.
Meanwhile, real estate mogul Grant Cardone announced The first Bitcoins purchased by his company were 1,000 BTC.
Panther Metals, a mineral exploration and mining company. announced This strategy will combine traditional mining with cryptocurrency and buy $5,4 million.
Norwegian deep-sea mining firm Green Minerals also announced plans to buy $1.2 billion in Bitcoin This week.
Magazine: History suggests Bitcoin taps $330K, crypto ETF odds hit 90%: Hodler’s Digest
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Source: cointelegraph.com
