Cryptocurrency entrepreneur Anthony Pompliano's company ProCap made its first Bitcoin purchase just days after announcing plans to go public later this year.
The Bitcoin financial services company ProCap BTC announced on Tuesday that it purchased 3,724 Bitcoins (BTC) for $386 million. At current market prices, this investment is now worth nearly $400 million, as the asset has appreciated since the purchase.
The company acquired these assets at a time-weighted average price of $103,785 per BTC. This purchase followed ProCap's announcement on Monday of plans to go public by merging with the blank check company Columbus Circle Capital to become ProCap Financial.
"We believe Bitcoin is the new minimum yield. If you can't beat it, you have to buy it," Pompliano stated on X.
As part of its ongoing business strategy, the company plans to purchase up to $1 billion worth of Bitcoin for its balance sheet, joining the growing list of companies accumulating BTC in their corporate treasury.
The merger with special purpose acquisition company (SPAC) Columbus aims to take ProCap public, with both companies having raised over $750 million for the transaction, attracting $516 million in equity investment and $235 million in convertible bonds.
A SPAC is a shell company established to acquire or merge with an existing private company to take it public.
Pompliano's venture firm is the latest to join the list of companies hoarding Bitcoin for corporate treasury, which continues to grow.
According to BiTBO data, if the company goes public today, its Bitcoin holdings would rank 14th among publicly traded companies' Bitcoin holdings, just behind medical technology company Semler Scientific.
Earlier this week, Bitcoin treasury giants Strategy and Japan's Metaplanet increased their holdings to 592,345 BTC and 11,111 BTC, respectively.
Meanwhile, real estate mogul Grant Cardone announced his company's first Bitcoin purchase, acquiring 1,000 BTC for its corporate treasury.
Mineral exploration company Panther Metals also announced a Bitcoin inventory strategy, combining traditional mining assets with cryptocurrency, and plans to purchase $5.4 million worth of Bitcoin.
Norwegian deep-sea mining company Green Minerals also announced plans to purchase $1.2 billion worth of Bitcoin this week.
Related: Norwegian deep-sea mining company plans to spend $1.2 billion to buy Bitcoin (BTC)
Original article: “Anthony Pompliano's Crypto Venture ProCap Buys $386M Bitcoin (BTC)”
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