ProCap Purchased 3,724 Bitcoins While Entering the IPO Process, Aiming for a $1 Billion BTC Portfolio
ProCap, led by well-known figure Anthony Pompliano in the crypto world, made its first major Bitcoin investment after announcing its plans for an IPO. The company announced that it purchased 3,724 BTC for $386 million. With this purchase, ProCap officially joined the ranks of companies creating corporate Bitcoin treasuries.
According to the company's announcement on Tuesday, the Bitcoins were acquired at an average cost of $103,785. Considering the recent rise in BTC prices, the market value of this investment has approached $400 million today.
Pompliano summarized the company’s investment strategy by saying on social media platform X, 'We believe Bitcoin is the new benchmark return rate. If you can’t beat it, you should buy it.'
Goal: $1 Billion Bitcoin Treasury Portfolio
ProCap’s BTC purchase came immediately after the important move announced by the company on Monday. The company plans to go public under the name 'ProCap Financial' by merging with a SPAC (Special Purpose Acquisition Company) called Columbus Circle Capital. A total financing of over $750 million was secured in this merger. Of this amount, $516 million is equity, and $235 million comes from convertible bonds.
ProCap aims to add up to $1 billion worth of Bitcoin to its balance sheet as part of its long-term strategy. This move stands out as another indication of increasing Bitcoin interest among institutional investors.
ProCap Joins the Corporate BTC Treasury Race
If the IPO plans materialize, ProCap will have the 14th largest Bitcoin treasury among publicly traded companies with its amount of BTC. The company will be right behind Semler Scientific, which recently made a Bitcoin purchase in this area.
Corporate Bitcoin investments are not limited to ProCap. Other notable developments this week include:
MicroStrategy has increased its BTC reserves to 592,345 BTC.
Metaplanet (Japan) has reached a total of 11,111 BTC.
Grant Cardone announced that he purchased 1,000 BTC as his company's first acquisition.
Panther Metals announced that it will make a $5.4 million BTC investment by integrating traditional mining assets with crypto.
Norway-based Green Minerals announced its plan to purchase $1.2 billion worth of Bitcoin.
Result: Institutional Interest is Growing Exponentially
ProCap’s move stands out as a new example of the increasing institutional adoption of Bitcoin. Not only technology companies but also a wide range of companies from traditional industries including finance and mining are adding Bitcoin as a strategic asset to their corporate balance sheets.
PLEASE READ CAREFULLY FOR A $10 GIFT FOR 170 PEOPLE.
Friends who have not yet activated the futures section will earn $10 when they activate the futures section by entering my referral code 88623008. The first 170 people will benefit from this reward.
I AM EXPLAINING IN DETAIL.
My brothers who registered on Binance without a referral, please listen carefully;
You will earn 10 USDT when you do what I said in order.
Enter the Futures section from your application,
Enter the REFERRAL CODE in the next screen and open your account by entering the code 88623008.
Brothers who want to complete this transaction by April 10 to receive a $10 USDT reward can do so. After that, it will be enough to have a trading volume of $30 after activating your account. However, even if you do this transaction after April 10, your reward will not come. Therefore, I suggest you handle it within 5 seconds.
THE SYSTEM WORKS ON A FIRST-COME, FIRST-SERVED BASIS. SO DON’T BE LATE TO CLAIM YOUR GIFT. IT IS LIMITED TO 170 PEOPLE.
PLEASE READ CAREFULLY FOR A $3,300 GIFT.
Friends, you know that we do everything we can for you as publishers. We communicate the services and opportunities provided to us by our officials to you. I have never withheld my support for both the cryptocurrency market and you; on the contrary, I strive to provide more support.
Now I will explain how to claim your gift. First, those of you who have not opened a futures account need to activate this account with a quick transaction. I will explain how to activate it in detail and simply.
So who can benefit?
Friends who have not yet activated the futures section can activate it by entering my referral code 88623008 when opening the FUTURES section. It’s a simple process. I have shown where it is below.