Just In: Pompliano’s ProCap Financial Purchases 3,724 Bitcoin For $386M

Anthony Pompliano’s ProCap Financial has added 3,724 Bitcoin to its balance sheet as it seeks to catch up with the industry’s first movers. The acquisition follows a $750 billion capital raise to acquire the top cryptocurrency, with Pompliano pledging to increase ProCap Financial’s holdings.

ProCap Financial Adds 3,724 Bitcoin to Its Holding

According to a press release, ProCap has completed its first Bitcoin acquisition, adding 3,724 BTC to its treasury. Per the statement, the purchase was made at an average price of $103,785 per coin, costing the firm approximately $386.6 million.

The acquisition is part of ProCap Financial’s “Bitcoin purchase program,” placing the company among the growing list of corporate Bitcoin holders. With 3,724 BTC on its balance sheet, ProCap Financial now ranks 15th among public companies holding the top cryptocurrency.

ProCap Financial was launched through a $1 billion merger with Nasdaq-listed Columbus Circle Capital Corp. It raised $750 million from investors to implement its Bitcoin treasury strategy. Pompliano described the $750 million raise as the “largest initial fundraise” by a public Bitcoin treasury company.

Armed with cash, ProCap Financial has given investors immediate exposure to Bitcoin through the equity raise. The company also plans to continue accumulating the flagship cryptocurrency as part of its long-term business strategy, with a target of reaching $1 billion in Bitcoin holdings.

“We believe Bitcoin is the new hurdle rate,” said Pompliano. “If you can’t beat it, you have to buy it.”

Institutional Investors Flock to the Flagship Cryptocurrency

Bitcoin treasury companies have seen a notable uptick in activity since the start of the year, spurred by Strategy’s (formerly MicroStrategy’s) ongoing accumulation spree. On Monday, Strategy bought the dip, increasing its holdings to 592,345 BTC, continuing an 11-week buying streak.

However, ProCap Financial faces stiff competition in its quest to become the leading Bitcoin-native financial services firm. Recently, Metaplanet announced a $5 billion capital allocation to its U.S. subsidiary to expand its BTC accumulation capabilities.

Last week, 18 companies collectively added 12,010 BTC to their treasuries, worth approximately $1.24 billion. Additionally, these companies have earmarked another $1.16 billion for future Bitcoin acquisitions, as corporate Bitcoin strategies become increasingly mainstream. According to data from BitcoinTreasuries.net, public companies currently hold 835,053 BTC, while private companies own 292,369 BTC.