ProCap BTC, LLC, a bitcoin-native monetary companies agency, introduced it has acquired 3,724 bitcoin at a time weighted common worth of $103,785 per bitcoin, value roughly $386 million.
“The Company plans to continue buying bitcoin for its balance sheet as part of its ongoing business strategy,” said the press launch. “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 introduced simply yesterday a definitive settlement to merge with Columbus Circle Capital Corp. I (NASDAQ: CCCM) to type ProCap Monetary, Inc.
“The legacy financial system is being disrupted by bitcoin,” mentioned 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 mixed entity will launch with as much as $1 billion in bitcoin on its stability sheet, marking the biggest preliminary fundraise for a public bitcoin treasury firm up to now. The deal consists of $516.5 million in fairness 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,” mentioned 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.”
