Prominent Bitcoin advocate and entrepreneur Anthony Pompliano has made a major move into corporate crypto holdings. On Tuesday, his firm ProCap BTC announced the purchase of 3,724 BTC for approximately $386 million, just days after disclosing its intention to go public later this year.
The purchase was executed at a time-weighted average price of $103,785 per Bitcoin. As Bitcoin's value continues to rise, the investment has nearly hit the $400 million mark.
This significant Bitcoin acquisition follows news that ProCap will merge with Columbus Circle Capital, a SPAC (special purpose acquisition company), to form ProCap Financial. The firm is aiming to establish a major presence in the Bitcoin treasury space, planning to eventually hold up to $1 billion in BTC.
Pompliano emphasized the company’s strategy on social media, stating:
“Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it.”
Investors in the SPAC deal have already secured over $750 million—with $516 million in equity commitments and $235 million from convertible notes.
If ProCap were public today, it would rank as the 14th-largest BTC holder among public companies, according to BiTBO, placing just behind medical tech company Semler Scientific.
ProCap’s entry is part of a broader trend of corporate adoption of Bitcoin:
Despite the bullish momentum, not everyone is convinced. Matthew Sigel, head of digital asset research at VanEck, cautioned that the BTC-heavy treasury approach may backfire. He specifically criticized at-the-market (ATM) stock issuance programs, warning they can dilute shareholder value if stock prices drop near or below the company’s Bitcoin net asset value (NAV).
Sigel suggested halting ATM programs if stock prices fall below 0.95x NAV for more than 10 days, citing similar missteps in the crypto mining sector that led to shareholder losses due to dilution and excessive executive compensation.
June 2025, Cryptoniteuae