Anthony Pompliano’s ProCap Buys $386M in Bitcoin Ahead of IPO
Bitcoin advocate and entrepreneur Anthony Pompliano has made a bold entrance into corporate crypto holdings.
Key Takeaways:
ProCap BTC purchased 3,724 BTC for $386 million ahead of its planned IPO via SPAC merger. The firm’s Bitcoin holdings are now worth nearly $400 million as BTC prices rise. ProCap aims to accumulate up to $1 billion in BTC, joining a wave of corporate treasury buyers.His firm, ProCap BTC, announced Tuesday that it had acquired 3,724 BTC for $386 million, just days after revealing plans to go public later this year.
The purchase was made at a time-weighted average price of $103,785 per Bitcoin.
Bitcoin Gains Lift Pompliano’s Investment to Nearly $400M
With Bitcoin prices climbing since the buy, Pompliano’s investment now sits just below $400 million in value.
The acquisition follows Monday’s announcement that ProCap intends to go public through a merger with Columbus Circle Capital, a special purpose acquisition company (SPAC), forming a new entity named ProCap Financial.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano wrote on X, underscoring the firm’s conviction in the asset.
The firm plans to accumulate up to $1 billion in Bitcoin as part of its broader treasury strategy.
Backers of the upcoming SPAC deal have already raised over $750 million, $516 million in equity commitments and $235 million via convertible notes.
Should ProCap go public today, its BTC position would rank 14th among all publicly listed companies, according to BiTBO data.
It would sit just behind Semler Scientific, a medical technology firm that recently entered the Bitcoin treasury space.
ProCap joins a growing number of firms moving aggressively into Bitcoin. MicroStrategy extended its lead this week with holdings now totaling 592,345 BTC.
Japan’s Metaplanet increased its exposure to 11,111 BTC. Grant Cardone’s real estate group disclosed its first buy, 1,000 BTC, while mineral exploration company Panther Metals laid out a $5.4 million crypto strategy combining traditional mining with digital assets.
Also this week, Norway’s Green Minerals AS revealed plans to allocate $1.2 billion toward Bitcoin purchases.
VanEck Warns BTC Treasury Strategy May Backfire
Just recently, VanEck’s head of digital asset research, Matthew Sigel, raised concerns about the Bitcoin treasury strategies used by certain public companies, suggesting that continued accumulation of BTC could soon harm shareholders more than help.
He specifically criticized the use of at-the-market (ATM) share issuance programs, warning that they can become dilutive when stock prices approach the company’s Bitcoin net asset value (NAV).
Sigel proposed several measures to prevent value erosion, including pausing ATM programs if a company’s stock trades below 0.95x NAV for over 10 days.
He drew comparisons to past failures in the crypto mining sector, where excessive dilution and executive pay led to major shareholder losses.
As an example, he cited Semler Scientific, a medical tech firm that entered the BTC space in 2024.
Despite acquiring 3,808 BTC, its stock has fallen over 45%, and its mNAV has dropped to 0.82x.
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