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By Francisco Rodrigues|Edited by Sheldon Reback
Jun 24, 2025, 3:37 p.m.
- ProCap BTC purchased 3,724 bitcoin at an average price of $103,785 and plans to invest up to $1 billion in the largest cryptocurrency.
- The move comes shortly after it announced a $1 billion bitcoin treasury SPAC deal and raised $750 million.
- The company plans on using its bitcoin in yield-generating strategies.
ProCap BTC, a cryptocurrency financial services firm founded by investor Anthony Pompliano, wasted no time putting new money to work.
Less than 24 hours after revealing a $1 billion merger with Columbus Circle Capital Corp. (CCCM) and a separate $775 million capital raise, the firm snapped up 3,724 bitcoin
at a time-weighted average price of $103,785 per coin.
STORY CONTINUES BELOW
The purchase kicks off a treasury program that could swell to $1 billion in bitcoin once the SPAC transaction closes and the combined company, to be called ProCap Financial, lists on Nasdaq.
It comes after the company revealed it raised $550 million through a preferred equity offering and an additional $225 million in convertible notes. If the company was already publicly traded, it would rank as the 14th biggest BTC holder among listed companies, just below Semler Scientific, according to Bitcointreasuries.com.
PropCap BTC has argued that bitcoin is now the new “hurdle rate” for capital deployment. “If you can’t beat it, you have to buy it,” it wrote in a press release.
The firm plans on leveraging its bitcoin in yield-generating strategies.
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
