Anthony Pompliano’s ProCap has purchased an additional 1,208 Bitcoin at an average price of $105,977 per Bitcoin, bringing the company’s total Bitcoin holdings to 4,932 BTC on its balance sheet. The purchase follows the firm’s June 23 announcement of a proposed $1 billion business combination with Columbus Circle Capital Corp. (CCCM).
The Bitcoin was acquired as part of the Company’s ongoing Bitcoin purchase program. The company has wasted no time delivering for its investors by deploying the funds raised at signing to accumulate Bitcoin. As a result, equity investors received immediate Bitcoin exposure from the equity raise.
The transaction structure—$516.5 million in equity and $235 million in convertible notes—has already attracted institutional backers like Magnetar Capital, Woodline Partners LP, Anson Funds, and Blockchain.com. These investors received immediate exposure to Bitcoin through ProCap’sdeployment strategy, with all assets held in secure custody ahead of closing.
ProCap plans to continue its Bitcoin accumulation strategy as part of its core business approach. Upon completion of the proposed business combination, ProCap Financial is expected to hold up to $1 billion in Bitcoin on its balance sheet, marking what would be the largest initial Bitcoin treasury for a public company.
The company’s philosophy centers on Bitcoin as a fundamental financial benchmark. “ProCap BTC, LLC, believes Bitcoin is the new hurdle rate,” the firm stated, adding their conviction that “If you can’t beat it, you have to buy it.”
The firm’s strategy doesn’t stop at just accumulating Bitcoin, it intends to build a suite of Bitcoin native financial elements for institutions, lending models and capital markets instruments made to generate revenue from its BTC holdings.
On June 23, ProCap announced its definitive agreement to merge with CCCM, immediately followed by a purchase of 3,724 Bitcoin at an average price of $103,785 per Bitcoin, worth approximately $386 million. Just two days later, on June 25, the company announced this additional purchase of 1,208 Bitcoin at the higher average price of $105,977 per Bitcoin.
