ProCap BTC, LLC, a bitcoin-native financial services firm, announced it has acquired 3,724 bitcoin at a time weighted average price of $103,785 per bitcoin, worth approximately $386 million.
“The Company plans to continue buying bitcoin for its balance sheet as part of its ongoing business strategy,” stated the press release. “At the closing of the proposed business combination, ProCap Financial is expected to hold up to $1 billion in bitcoin on its balance sheet.”
Anthony Pompliano’s ProCap BTC announced just yesterday a definitive agreement to merge with Columbus Circle Capital Corp. I (NASDAQ: CCCM) to form ProCap Financial, Inc.
“The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”
The combined entity will launch with up to $1 billion in bitcoin on its balance sheet, marking the largest initial fundraise for a public bitcoin treasury company to date. The deal includes $516.5 million in equity and $235 million in convertible notes.
“From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said the CEO of CCCM Gary Quin. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”
