Anthony Pompliano's ProCap BTC, LLC purchased 3,724 Bitcoin (CRYPTO: BTC) within 24 hours of announcing a $1 billion business combination and over $750 million in fundraising, according to a press release on Tuesday.
The Bitcoin was acquired at a time-weighted average price (TWAP) of $103,785 per Bitcoin.
The acquisition follows ProCap's June 23 announcement of its planned merger with Columbus Circle Capital Corp. I (NASDAQ:CCCM), a deal that would take ProCap public under the name ProCap Financial, Inc.
The transaction also positions the company to expand its Bitcoin holdings significantly, with plans to potentially hold up to $1 billion worth of Bitcoin on its balance sheet following the merger's completion.
ProCap confirmed that the Bitcoin purchase was part of its ongoing strategy to accumulate bitcoin as a core balance sheet asset.
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The company's immediate deployment of capital gives its equity investors exposure to Bitcoin from the outset.
ProCap BTC, LLC, a Bitcoin-focused financial services firm, was founded by Pompliano, a long-time Bitcoin advocate and investor in over 300 private companies.
The firm intends to continue building profit-generating products aimed at serving large financial institutions and institutional investors.
ProCap's rapid Bitcoin purchase doubles down on its belief that Bitcoin represents the "new hurdle rate," suggesting that companies unable to outperform Bitcoin's growth should consider adding it to their balance sheets.
Columbus Circle Capital I is a blank-check company led by experienced financial executives and investment bankers, with plans to facilitate the merger and support ProCap's growth as a public company.
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