Pompliano’s ProCap Buys $386M Bitcoin After $1B SPAC Deal
Crypto entrepreneur Anthony Pompliano’s firm ProCap made its first Bitcoin purchase just days after revealing that it plans to go public later this year.
The Bitcoin financial services firm, ProCap BTC, said on Tuesday that it purchased 3,724 Bitcoin (BTC) for $386 million. The investment is now worth just shy of $400 million at current market prices, as the asset has gained since the buy.
The firm purchased the assets at a time-weighted average price of $103,785 per BTC. The buy follows the ProCap’s announcement on Monday that it plans to go public via a merger with the blank-check company Columbus Circle Capital to become ProCap Financial.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,”…
