ProCap BTC just made its first big move—buying 3,724 Bitcoin for $386 million, the firm announced today.
The purchase came less than 48 hours after ProCap announced plans to go public through a SPAC merger later this year. The Bitcoin was bought at a time-weighted average price of $103,785, and its value has already climbed close to $400 million.
“We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” Pompliano said on X.
SPAC Deal Sets Stage for $1B Treasury Strategy
The Bitcoin buy comes as ProCap prepares to go public through a merger with blank-check firm Columbus Circle Capital, forming ProCap Financial.
So far, the deal has raised $751 million in funding, including $516 million in equity and $235 million in convertible notes.
ProCap says it plans to allocate up to $1 billion into Bitcoin as part of its balance sheet strategy—joining a growing wave of companies using BTC as a corporate reserve asset.
ProCap Joins Bitcoin Treasury Club
If it were already listed, ProCap’s holdings would place it 14th among public firms holding Bitcoin, according to BiTBO. That’s just behind Semler Scientific, a healthcare firm that recently added BTC to its treasury.
ProCap isn’t alone this week. Other recent buyers include
- MicroStrategy: Now holds 592,345 BTC
- Metaplanet (Japan): Added to reach 11,111 BTC
- Grant Cardone’s firm: Entered with 1,000 BTC
- Panther Metals: Plans to buy $5.4M in BTC
- Green Minerals (Norway): Announced plans to acquire $1.2B in BTC
These moves show a clear trend: more companies are rotating into Bitcoin as an asset on par with cash or bonds.
Why It Matters for Investors
ProCap’s timing highlights growing corporate trust in Bitcoin amid macro uncertainty. As institutional demand grows and companies like ProCap put BTC on their balance sheet, long-term supply pressure will increase—potentially creating price floors and lower volatility over time.
For traders, this means the treasury trend isn’t slowing down.
What’s Next?
ProCap’s IPO could close in late 2025. More buys are coming soon.
Will more firms follow ProCap’s “Bitcoin is the new hurdle rate,” or is this the top of the corporate BTC wave?