Anthony Pompliano’s crypto venture buys $386M in Bitcoin

Crypto entrepreneur Anthony Pompliano’s steadfast ProCap made its archetypal Bitcoin acquisition conscionable days aft revealing that it plans to spell nationalist aboriginal this year. 

The Bitcoin fiscal services firm, ProCap BTC, said connected Tuesday that it purchased 3,724 Bitcoin (BTC) for $386 million. The concern is present worthy conscionable shy of $400 cardinal astatine existent marketplace prices, arsenic the plus has gained since the buy.

The steadfast purchased the assets astatine a time-weighted mean terms of $103,785 per BTC. The bargain follows the ProCap’s announcement connected Monday that it plans to spell nationalist via a merger with the blank-check institution Columbus Circle Capital to go ProCorp Financial.

“We judge Bitcoin is the caller hurdle rate. If you can’t bushed it, you person to bargain it,” Pompliano said connected X.

The steadfast plans to bargain up to $1 cardinal worthy of Bitcoin for its equilibrium expanse arsenic portion of its ongoing concern strategy, joining the increasing ranks of firm BTC treasury firms. 

Source: Anthony Pompliano 

SPAC merger for IPO

The merger with Columbus, a peculiar intent acquisition institution (SPAC), has been orchestrated to instrumentality ProCap public, and firms person raised much than $750 million for the deal, drafting successful $516 cardinal successful equity and $235 cardinal successful convertible notes.

Related: Pompliano’s crypto steadfast raises $750M to spell nationalist via SPAC

A SPAC is simply a ammunition institution that is acceptable up to get oregon merge with an existing backstage institution successful bid to instrumentality it public.

ProCap joins Bitcoin treasury bubble 

Pompliano’s task is the latest to articulation an ever-increasing database of companies scooping up Bitcoin for firm treasuries. 

If the steadfast went nationalist today, its Bitcoin holdings would beryllium the 14th-largest among nationalist institution Bitcoin holdings, conscionable down aesculapian tech steadfast Semler Scientific, according to BiTBO. 

Corporate buying continues 

Just this week, Bitcoin treasury giants Strategy and Japan’s Metaplanet accrued their holdings to 592,345 BTC and 11,111 BTC, respectively.  

Meanwhile, existent property mogul Grant Cardone announced his firm’s archetypal Bitcoin acquisition with 1,000 BTC for its firm treasury.

Mineral exploration institution Panther Metals besides announced a Bitcoin treasury strategy combining accepted mining assets with crypto, and plans to bargain $5.4 cardinal worth. 

Norwegian deep-sea mining steadfast Green Minerals besides announced plans to bargain $1.2 cardinal successful Bitcoin this week.

Magazine: History suggests Bitcoin taps $330K, crypto ETF likelihood deed 90%: Hodler’s Digest