ProCap BTC, a cryptocurrency financial services firm founded by investor Anthony Pompliano, wasted no time putting new money to work.

Less than 24 hours after revealing a $1 billion merger with Columbus Circle Capital Corp. (CCCM) and a separate $775 million capital raise, the firm snapped up 3,724 bitcoin BTC at a time-weighted average price of $103,785 per coin.

The purchase kicks off a treasury program that could swell to $1 billion in bitcoin once the SPAC transaction closes and the combined company, to be called ProCap Financial, lists on Nasdaq.

It comes after the company revealed it raised $550 million through a preferred equity offering and an additional $225 million in convertible notes. If the company was already publicly traded, it would rank as the 14th biggest BTC holder among listed companies, just below Semler Scientific, according to Bitcointreasuries.com.

PropCap BTC has argued that bitcoin is now the new “hurdle rate” for capital deployment. “If you can’t beat it, you have to buy it,” it wrote in a press release.

The firm plans on leveraging its bitcoin in yield-generating strategies.

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