Within 24 hours of unveiling its SPAC merger plans, ProCap deployed a sizeable portion of the proceeds, acquiring 3,724 Bitcoin for roughly $386.5 million at an average price of $103,785 per token.
Anthony Pompliano’s newly formed ProCap BTC LLC has agreed to merge with blank-check company Columbus Circle Capital Corp. I in a transaction that will take the Bitcoin-focused treasury business public on Nasdaq as ProCap Financial Inc. The deal, announced 23 June, includes more than $750 million of committed capital, of which about $235 million is in convertible debt. ProCap says the financing represents the largest initial fundraise for a public company dedicated to holding Bitcoin.
Within 24 hours of unveiling the merger, ProCap deployed a sizeable portion of the proceeds, acquiring 3,724 Bitcoin for roughly $386.5 million at an average price of $103,785 per token. The purchase gives investors immediate exposure to the cryptocurrency ahead of the transaction’s close, which the companies aim to complete by year-end 2025.
ProCap’s strategy mirrors—and seeks to expand on—the playbook pioneered by Michael Saylor’s Strategy (formerly MicroStrategy), using the public markets to build a sizable Bitcoin balance sheet while layering financial services on top of it. Management plans to scale its holdings to as much as $1 billion in Bitcoin after the merger and to offer lending, trading and capital-markets products denominated in the digital asset.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
