ProCap Buys Massive Bitcoin Acquisition After SPAC Agreement
One day after it inked a $1 billion SPAC merger agreement with Columbus Circle Capital Corp., Anthony Pompliano’s ProCap BTC, LLC disclosed that it had purchased 3,724 BTC worth approximately $387 million. Average price: $103,785 per coin.
As a June 24 press release reported, the purchase was covered by part of the $750 million capital raise that came from the SPAC deal. That quick move says a lot about ProCap’s attitude: Bitcoin is not a hedge it’s the anchor.
Bitcoin as the New Institutional Benchmark
In its SEC filings and public statements, ProCap emphasized that Bitcoin is not a guess. The firm said: “Bitcoin is the new hurdle rate.” That statement indicates a broader institutional mental shift, in which BTC is serving as the new hurdle rate benchmark for capital effectiveness and performance.
Instead of sitting on worthless fiat holdings following the raise, ProCap aggressively invested into BTC following the strategy first pioneered by MicroStrategy. The result of such a policy has already been tested, as companies like MicroStrategy have seen their shares appreciate by multi-thousand percent during times of BTC bullruns.
ProCap’s Greater Vision: Build Around BTC
Unlike traditional treasury approaches, ProCap’s approach is more than just holding BTC. Newly formed ProCap Financial, Inc. aims to be an institutional-quality Bitcoin services public company.
The company is building an end to end ecosystem around Bitcoin a infrastructure-first approach that complements its treasury approach. This move is long-term positioning within the crypto asset class and puts ProCap ahead of the curve on institutional Bitcoin adoption.
With conviction-based decisions and war chest of capital, Pompliano’s ProCap is not just investing in Bitcoin. It’s building around it.
