An increasing number of public companies have established Bitcoin treasuries over the past few months.
Bitcoin treasury firm ProCap acquired 3,724 Bitcoin currently worth about $395 million on Tuesday, just one day after announcing its plans to go public in a $1 billion SPAC deal.
Founded by investor and cryptocurrency personality Anthony Pompliano, ProCap purchased the Bitcoin this week at a time-weighted average price of $103,785 per token, according to the firm’s statement.
“We believe bitcoin is the new hurdle rate,” Pompliano wrote in an X post addressing the announcement. “If you can’t beat it, you have to buy it.”
The purchase follows ProCap’s announcement on Monday that it closed a $750 million raise. The funds, which will go toward helping the company merge with blank-check firm Columbus Circle Capital to become ProCap Financial — a new publicly traded company.
ProCap’s first Bitcoin buy comes amid a boom in publicly traded companies’ adoption of treasuries based on the world’s oldest cryptocurrency.
Michael Saylor’s Strategy, formerly Microstrategy, pioneered the corporate play, pivoting its focus from software development to Bitcoin accumulation. Since then, the firm has snapped up more than 592,000 Bitcoin worth about $62 billion worth of Bitcoin, according to the company’s filings.
Beyond Strategy, 245 public companies hold the digital asset on their balance sheets, up roughly 13% over the past month, according to data from bitcointreasuries.com. In total, the firms hold a total of more than $88 billion in Bitcoin, the same data shows. They include healthcare technology firm Semler Scientific, and Japanese hotel management firm Metaplanet.
Meanwhile, other publicly traded firms, including Upexi, Wellgistics Health and DeFi Development Corp., have replicated Strategy’s playbook with altcoins, including XRP and Solana.
ProCap plans to acquire more Bitcoin for its treasury as part of its business strategy, according to its latest public statement. The company estimates it will hold up to $1 billion in Bitcoin at the time of closing of its proposed merger with Columbus Circle Capital.
