Anthony Pompliano’s recently revealed Bitcoin treasury company, Procap, has acquired its first 3,724 BTC at a time-weighted average price (TWAP) of $103,785 per coin, according to an announcement on Tuesday.
The coins, valued at around $385 million, will now sit on the firm’s balance sheet, offering a leverage play for investors interested in exposure to bitcoin’s price but prefer to hold equity. Procap aims to eventually hold $1 billion worth of bitcoin.
On Monday, Procap unveiled that it has proposed a $1 billion merger with Columbus Circle Capital Corp. (ticker CCCM) to go public as ProCap Financial, Inc. The move is part of an accelerating trend of so-called crypto treasury firms that fund digital asset purchases through equity and debt sales, largely inspired by the success of Michael Saylor’s Strategy.
Procap disclosed that it had raised $516.5 million by offering equity and $235 million by selling convertible notes, which represents “the largest initial fundraise in history for a public bitcoin treasury company,” according to a statement on Monday.
“The Company has wasted no time delivering for its investors by deploying the funds raised at signing to accumulate bitcoin,” the firm wrote in a release. “As a result, equity investors received immediate bitcoin exposure from the equity raise.”
Procap plans to continue buying bitcoin as part of its ongoing business strategy, according to the release. It previously said it will generate revenue and profit “through a variety of strategies.”
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