Procap BTC, a cryptocurrency financial services founded by investor Anthony Pompliano, wasted no time to put new money at work.
Less than 24 hours after revealing a $ 1 billion merger with Columbus Circle Capital Corp. (CCCM) and a separate capital increase of $ 775 million, the company broken 3,724 Bitcoin
At a time -weighted average price of $ 103,785 per Coin.
The purchase starts a finance ministry that could swell to $ 1 billion in Bitcoin when the SPAC transaction closes and the combined company called Procap Financial, lists on Nasdaq.
It comes after the company revealed that it raised $ 550 million through a preferred capital offer and another $ 225 million in convertible notes. If the company was already traded in public, it would rank like the 14th largest BTC holder among listed companies, just under Semler Scientific, according to Bitcointreasuries.com.
Propcap BTC has claimed that Bitcoin is now the new “obstacle rate” for capital installation. “If you can’t beat it, buy it,” it wrote in a press release.
The company plans to utilize its Bitcoin in dividend -generating strategies.
