1 month ago
ProCap BTC, the bitcoin-native fiscal services steadfast led by entrepreneur Anthony Pompliano, said it bought 1,208 bitcoin BTC conscionable one day aft announcing a $385 cardinal acquisition of the largest cryptocurrency.
The institution said it paid an average of $105,977 for each token, pricing the transaction astatine $128 million. With this move, the institution present holds a full of 4,932 bitcoin, which precocious reclaimed $108,000.
The acquisition comes 2 days aft ProCap BTC announced its intention to spell nationalist done a $1 cardinal concern operation with Columbus Circle Capital Corp. (CCCM). Upon completion, the institution volition beryllium renamed ProCap Financial, Inc.
The bitcoin buying spree underlines ProCap’s strategical committedness to steadily physique up its banal of BTC. By instantly deploying superior raised astatine signing, the steadfast has delivered instant bitcoin vulnerability to equity investors, reinforcing its bitcoin-centric concern thesis.
ProCap has said it views bitcoin not conscionable arsenic an plus but arsenic a halfway fiscal benchmark, which it refers to arsenic “the caller hurdle rate.” The institution has signaled it volition proceed buying bitcoin arsenic portion of its equilibrium expanse strategy and expects to clasp up to $1 cardinal successful BTC by the clip of the nationalist listing.
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