NewsletterAnthony Pompliano’s ProCap Buys $128M Worth of Bitcoin, Surpasses GameStop Holdings
Highlights
- Crypto venture ProCap BTC has announced buying $125 million in Bitcoin.
- This comes just a day after it initially bought $386 million worth of BTC.
- Pompliano's firm plans to go public via a $1 billion SPAC and become a public Bitcoin treasury company.
Anthony Pompliano’s crypto venture ProCap BTC isn’t slowing down on its Bitcoin acquisition plans. The company has announced another 1,208 BTC purchase, just a day after making its first purchase for its BTC treasury.
Pomplaino’s ProCap BTC Makes Second Bitcoin Purchase In As Many Days
In a press release, Pompliano announced that his firm has purchased 1,208 bitcoin at a time-weighted average price of $105,977 per BTC, which amounts to $128 million. This comes following the company’s announcement of a proposed $1 billion business combination with Columbus Circle Capital Corp.
Both companies will combine to form ProCap Financial, which will trade under the ticker ‘CCCM’ on the Nasdaq. Following the latest purchase, ProCap BTC now holds 4,932 BTC on its balance sheet. The company has surpassed GameStop’s Bitcoin holdings in the process, with the retail company holding 4,710 BTC.
Furthermore, it is worth noting that this purchase comes just a day after the company announced a 3,724 Bitcoin purchase for $386 million. Pompliano stated that this latest purchase forms part of the firm’s ongoing BTC purchase program.
ProCap BTC, through the $1 billion merger, has already raised just over $750 million to become a Bitcoin treasury company, and it plans to waste no time in accumulating these coins.
The company plans to keep accumulating more BTC for its balance sheet as part of its ongoing business strategy. At the close of the proposed $1 billion merger, ProCap aims to hold up to $1 billion in Bitcoin on its balance sheet.
Meanwhile, the release noted that the TWAP for the Day 2 purchases may be different from the “Signing Bitcoin Price” for purposes of the Business Combination Agreement signed by CCCM and the company on June 23.
In an X post, Pompliano revealed that they filed their Form 8-K for the proposed business combination between ProCap BTC and Columbus Circle with the US SEC. ProCap Financial will go live at the closing of the deal. Notably, Adam Back, the CEO of Blockstream, will serve as an independent director on the newly listed company’s board.
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