ProCap BTC, a Bitcoin-native financial services firm founded by well-known investor and vocal BTC advocate Anthony Pompliano, has scooped up its first Bitcoins shortly after announcing a $1 billion BTC treasury SPAC deal. ProCap joins a growing list of companies on the Nasdaq stockpiling the world’s largest and oldest cryptocurrency. ProCap’s Billion-Dollar Bet On Bitcoin According to a Tuesday announcement, ProCap bought 3,724 Bitcoins at an average price of $103,785. The Bitcoin stack, worth around $384 million as of press time, sits on the company’s balance sheet, offering future shareholders immediate exposure to the price of the alpha crypto. ProCap aims to invest up to $1 billion in Bitcoin once the special-purpose acquisition company (SPAC) transaction closes. On Monday, ProCap announced it had proposed a $1 billion merger with Columbus Circle Capital Corp, with the combined company to be called ProCap Financial, listing on Nasdaq. The move is part of an increasing trend of so-called crypto treasury firms that finance Bitcoin acquisitions through equity and debt sales, inspired by the success of Michael Saylor’s Strategy. The company revealed it raised over $750 million, pulling in roughly $517 million by offering preferred equity and an additional $225 million by selling convertible notes, in what was described as “the largest initial fundraise in history for a public bitcoin treasury company,” according to a press release on Monday. ProCap Joins Growing List Of Bitcoin-Buying Companies ProCap’s announcement comes amid a sharp rise in public companies adding Bitcoin to their balance sheets, including President Donald Trump’s media conglomerate, Trump Media’s $2.3 billion raise to purchase Bitcoin last month, and GameStop’s recent adoption of Bitcoin as a treasury reserve asset. Globally, 136 public companies have bought 835,053 Bitcoin worth $85 billion, according to data from Bitcoin Treasuries. Strategy currently has the largest Bitcoin holdings of any company at 592,345 BTC worth $62.8 billion. Bitcoin was changing hands around $106,128 at publication time, a 3.6% increase over the past day, according to crypto data provider CoinGecko .
Pundit: This Is Why They Shit on XRP
