Crypto entrepreneur Anthony Pompliano’s firm, ProCap, has made its first major Bitcoin investment just days after announcing plans to go public later this year.
On Tuesday, ProCap BTC—a Bitcoin-focused financial services division—revealed that it had acquired 3,724 BTC for $386 million. With Bitcoin’s price rising since the purchase, the investment is now valued at nearly $400 million.
The firm bought the Bitcoin at a time-weighted average price of $103,785 per coin. This move follows Monday’s announcement that ProCap will go public through a merger with the blank-check company Columbus Circle Capital, after which it will operate as ProCap Financial.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano wrote on X.
ProCap intends to continue building its Bitcoin holdings, with plans to purchase up to $1 billion worth of BTC as part of its long-term strategy—placing it among a growing number of companies adding Bitcoin to their corporate treasuries.
SPAC Merger to Go Public
The merger with Columbus, a special purpose acquisition company (SPAC), is designed to take ProCap public. So far, the deal has secured over $750 million in funding, including $516 million in equity and $235 million through convertible notes.
SPACs are shell companies created specifically to merge with or acquire private firms, offering a streamlined path to the public markets.
ProCap Enters the Growing Bitcoin Treasury Trend
Pompliano’s venture is the latest to join the expanding wave of companies adding Bitcoin to their corporate treasuries.
If ProCap were publicly listed today, its Bitcoin holdings would rank as the 14th-largest among public companies, just behind medical technology firm Semler Scientific, according to BiTBO.
Corporate Bitcoin Buying Shows No Signs of Slowing
This week alone, several major players expanded their Bitcoin holdings, signaling continued momentum in corporate adoption.
Bitcoin treasury giants Strategy and Japan’s Metaplanet boosted their reserves to 592,345 BTC and 11,111 BTC, respectively. At the same time, real estate tycoon Grant Cardone revealed that his firm had made its first Bitcoin purchase, acquiring 1,000 BTC for its corporate treasury.
Panther Metals, a mineral exploration company, unveiled a new Bitcoin strategy that blends traditional mining assets with crypto, announcing plans to invest $5.4 million in BTC. Norwegian deep-sea mining firm Green Minerals went even further, revealing intentions to purchase $1.2 billion worth of Bitcoin.
