Here’s what’s really behind #bitcoin ’s sudden surge over the past two days — and it’s all about one name: #ProCap .

On June 23, ProCap announced a massive $1 billion merger and revealed they had already raised over $750 million to back it. Just hours later, they put their money to work.

In under a day, they spent $386.5 million to scoop up 3,724 BTC at an average price of $103,785, triggering a sharp 5% spike in Bitcoin’s price.

And they weren’t done.

Just now, ProCap confirmed another round — purchasing 1,208 BTC for $128 million at an average of $105,977.

In total, 4,932 $BTC worth $514.5 million has been bought by ProCap in a flash — fueling the latest Bitcoin rally and reminding the market that when institutional whales strike, price action follows fast.