Anthony Pompliano’s Procap BTC, LLC has acquired 3,724 bitcoin for roughly $387 million, just one day after announcing a $1 billion business combination with blank-check company Columbus Circle Capital Corp. I (Nasdaq: CCCM). The purchase was executed on June 24, 2025, at a time-weighted average price (TWAP) of $103,785 per bitcoin, as part of an ongoing corporate bitcoin purchase program.
Merger and Fundraising Details
Procap disclosed the proposed merger on June 23, which will take the firm public as Procap Financial, Inc. The funds used for the bitcoin acquisition were raised at signing, giving equity investors immediate bitcoin exposure. The company confirmed it will continue buying bitcoin as a core strategy, targeting up to $1 billion in bitcoin holdings after the merger closes.
Background and Future Outlook
The announcement notes that the TWAP for this purchase may differ from the “signing bitcoin price” referenced in the Business Combination Agreement between CCCM and Procap. Procap BTC was founded by investor and crypto influencer Anthony Pompliano. The post-merger entity, Procap Financial, Inc., plans to develop financial products for institutional clients. CCCM, a Cayman Islands SPAC led by Chairman Gary Quin, aims to close the deal pending regulatory approvals.
This substantial acquisition underscores growing institutional interest in bitcoin as a reserve asset. Pompliano and his team view bitcoin as a long-term store of value amid inflationary pressures and macroeconomic uncertainty. As Procap transitions into a publicly traded financial firm, its bitcoin accumulation strategy could serve as a model for other corporate treasuries.