ProCap BTC, a cryptocurrency monetary companies agency based by investor Anthony Pompliano, wasted no time placing new cash to work.
Lower than 24 hours after revealing a $1 billion merger with Columbus Circle Capital Corp. (CCCM) and a separate $775 million capital increase, the agency snapped up 3,724 bitcoin
at a time-weighted common worth of $103,785 per coin.
The acquisition kicks off a treasury program that might swell to $1 billion in bitcoin as soon as the SPAC transaction closes and the mixed firm, to be known as ProCap Monetary, lists on Nasdaq.
It comes after the corporate revealed it raised $550 million via a most well-liked fairness providing and a further $225 million in convertible notes. If the corporate was already publicly traded, it might rank because the 14th largest BTC holder amongst listed corporations, slightly below Semler Scientific, in response to Bitcointreasuries.com.
PropCap BTC has argued that bitcoin is now the brand new “hurdle fee” for capital deployment. “For those who can’t beat it, you must purchase it,” it wrote in a press launch.
The agency plans on leveraging its bitcoin in yield-generating methods.
