ProCap BTC, the bitcoin-native financial services firm led by entrepreneur Anthony Pompliano, said it bought 1,208 bitcoin BTC just one day after announcing a $385 million purchase of the largest cryptocurrency.
The company said it paid an average of $105,977 for each token, pricing the transaction at $128 million. With this move, the company now holds a total of 4,932 bitcoin, which recently reclaimed $108,000.
The acquisition comes two days after ProCap BTC announced its intention to go public through a $1 billion business combination with Columbus Circle Capital Corp. (CCCM). Upon completion, the company will be renamed ProCap Financial, Inc.
The bitcoin buying spree underlines ProCap’s strategic commitment to steadily build up its stock of BTC. By immediately deploying capital raised at signing, the firm has delivered instant bitcoin exposure to equity investors, reinforcing its bitcoin-centric investment thesis.
ProCap has said it views bitcoin not just as an asset but as a core financial benchmark, which it refers to as “the new hurdle rate.” The company has signaled it will continue buying bitcoin as part of its balance sheet strategy and expects to hold up to $1 billion in BTC by the time of the public listing.