ProCap BTC, led by Anthony Pompliano, buys 1,208 BTC for $128M, boosting its treasury to 4,932 BTC after a $386M purchase.
Bitcoin acquisition plans are not being slowed down by Anthony Pompliano’s crypto venture, ProCap BTC. Just one day after its inaugural BTC treasury purchase, the organization disclosed an additional 1,208 BTC acquisition.
Pomplaino’s ProCap BTC makes its second Bitcoin purchase in as many days
In a press release, Pompliano disclosed that his organization has acquired 1,208 bitcoin at a time-weighted average price of $105,977 per BTC, or $128 million. This follows the company’s announcement of a proposed $1 billion business combination with Columbus Circle Capital Corp.
The two corporations will merge to establish ProCap Financial, listed on the Nasdaq under the ticker ‘CCCM.’ ProCap BTC’s balance sheet currently contains 4,932 BTC due to the most recent acquisition.
This purchase is noteworthy because it was made just one day after the company disclosed a $386 million acquisition of 3,724 Bitcoins. According to Pompliano, this most recent acquisition is a component of the organization’s ongoing BTC acquisition initiative.
ProCap BTC has already raised just over $750 million to become a Bitcoin treasury company through the $1 billion merger, and it intends to accumulate these coins without delay.
The organization intends to accumulate additional Bitcoin (BTC) for its balance sheet as part of its ongoing business strategy. ProCap intends to maintain a maximum of $1 billion in Bitcoin on its balance sheet upon the conclusion of the proposed $1 billion merger.
In the interim, the release acknowledged that the TWAP for the Day 2 purchases might differ from the “Signing Bitcoin Price” for the Business Combination Agreement executed by CCCM and the company on June 23.
Pompliano disclosed in an X post that they had submitted their Form 8-K to the US Securities and Exchange Commission (SEC) for the proposed business combination between ProCap BTC and Columbus Circle. After the transaction, ProCap Financial will commence operations. It is important to note that Adam Back, the CEO of Blockstream, will be appointed as an independent director to the board of the newly listed company.