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 offers Bitcoin services. said It announced on Tuesday it bought 3,724 Bitcoins for $386 Million. As the market has appreciated since the purchase, the investment now is worth just under $400 million.
The asset was purchased for a price of $103,785 BTC 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 If you want to know more about X.
As part of their ongoing strategy, the firm will buy Bitcoins worth up to $1 Billion for its balance sheets. They join the ranks of other corporate BTC Treasury firms.
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 For the deal, $516,000,000 in equity was raised and $235,000,000 in convertible notes.
Related: Pompliano’s crypto firm raises $750M to go public via SPAC
SPACs can be shell companies set up for the purpose of acquiring or merging with a company already in private ownership to make it publicly traded.
ProCap enters the 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 ScientificBiTBO explains that.
Buy corporate goods
Only this week, Bitcoin’s treasury titans Strategy and Japan Metaplanet have increased their respective holdings of 592,345 BTC (Bitcoin) and 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 To buy $5,4 million of crypto and traditional assets in a Bitcoin Treasury Strategy.
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
