Latest news with #AnthonyPompliano
Yahoo
a day ago
- Business
- Yahoo
Trump's $1K Account Plan for Babies Is Great, According to Anthony Pompliano
On June 9, President Donald Trump announced the creation of 'Trump Accounts' — a provision in the 'One Big Beautiful Bill' that would create tax-deferred investment accounts for all newborn American children. The accounts — which would track stock indexes — would include a one-time government contribution of $1,000 and allow for parents to contribute an additional $5,000 per year. Find Out: Read Next: Beyond the fact that this would be 'free money' from the government, there are numerous advantages to offering these accounts to everyone born in the U.S., according to Anthony Pompliano, an entrepreneur, investor and author of The Pomp Letter newsletter. Here's why he believes Trump Accounts will have wide-ranging benefits. In a recent Substack post, Pompliano explained that right now, many Americans are missing out on the benefits of owning stock. According to statistics cited in his post, only 62% of Americans own stocks and only 28% of those in households earning less than $50,000 own stocks. 'We know that stock ownership, and broadly asset ownership, is a major driver of wealth in this country,' Pompliano wrote. 'But more than 30% of Americans don't have any stocks in their portfolio, so we are seeing a big push from the private sector to improve the situation and ensure more Americans have exposure to the U.S. economy through the stock market.' Be Aware: Compound interest is the interest you earn on money you invest, and it grows exponentially over time. If you're not invested for the long term, you miss out on this benefit — but the Trump Accounts are designed to ensure that every American will benefit from compound interest. 'The concept calls for the child to hold that money until they are at least 18 years old, which would let compounding work in their favor and deliver economic value to a young adult thanks to the U.S. government setting them up in a good position at birth,' Pompliano wrote. Pompliano believes that giving every American child access to the stock market as early as possible will be a great thing for their futures. 'I would love to see Invest America become the law of the land,' he wrote. 'Give every newborn child $1,000 exposure to capitalism, and let's ensure we have the system working for our people, rather than against them. The Federal Reserve and politicians are never going to stop printing money, so let's not operate in some charade. 'Get the kids exposure to the 500 best American companies,' Pompliano continued. 'They will be very thankful a few decades from now.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard These Cars May Seem Expensive, but They Rarely Need Repairs 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on Trump's $1K Account Plan for Babies Is Great, According to Anthony Pompliano Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Anthony Pompliano's ProCap BTC Buys $128M of Bitcoin in 2nd Straight Day of Purchases
ProCap BTC, the bitcoin-native financial services firm led by entrepreneur Anthony Pompliano, said it bought 1,208 bitcoin BTC just one day after announcing a $385 million purchase of the largest cryptocurrency. The company said it paid an average of $105,977 for each token, pricing the transaction at $128 million. With this move, the company now holds a total of 4,932 bitcoin, which recently reclaimed $108,000. The acquisition comes two days after ProCap BTC announced its intention to go public through a $1 billion business combination with Columbus Circle Capital Corp. (CCCM). Upon completion, the company will be renamed ProCap Financial, Inc. The bitcoin buying spree underlines ProCap's strategic commitment to steadily build up its stock of BTC. By immediately deploying capital raised at signing, the firm has delivered instant bitcoin exposure to equity investors, reinforcing its bitcoin-centric investment thesis. ProCap has said it views bitcoin not just as an asset but as a core financial benchmark, which it refers to as 'the new hurdle rate.' The company has signaled it will continue buying bitcoin as part of its balance sheet strategy and expects to hold up to $1 billion in BTC by the time of the public listing. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
Mamdani lead in New York mayoral Democratic primary leaves businesses on edge
NEW YORK, June 25 (Reuters) - Business leaders in New York City voiced concerns on Wednesday, following progressive Democrat Zohran Mamdani's likely victory in the city's hotly contested primary for mayor the day before. New York, the nation's preeminent financial center, boasts an annual GDP of more than $1 trillion and more residents than any city in the nation - many who are struggling with the high cost of rent, health care and groceries. Those concerns motivated voters to come out in early voting, and in 100 degrees Fahrenheit heat (37.7 degrees Celsius) on Tuesday for the 33-year-old Mamdani, a self-described democratic socialist who finished first in the city's initial round of ranked-choice voting ahead of the frontrunner, former New York state governor Andrew Cuomo. Final results of the city's ranked-choice system will not be known for a couple of weeks. Mamdani campaigned on freezing rent, free buses, and subsidized groceries, policies that business leaders say may not solve the affordability crisis and could push many to leave the city under threat of higher taxes. He has also called for a higher minimum wage and a new office to promote small businesses. "Think about how crazy this situation is. A man who prides himself on being a socialist has a real shot at becoming the mayor of the heart of the global financial system," said Anthony Pompliano, founder and chief executive officer at Professional Capital Management, and one of the biggest investors in cryptocurrencies. "Irony doesn't even start to describe the situation." Mamdani did not respond for immediate request for comment. He will still have to win November's general election against current Mayor Eric Adams who is running as an independent and Republican Curtis Sliwa, who lost to Adams in 2021. Cuomo may also run in the general election as an independent. Mamdani's promise to freeze rent resonated particularly in Manhattan, where the median monthly rent for an apartment sits at a record $4,571. A renter typically must earn 40 times the rent. As mayor, Mamdani would be able to appoint members of the city's rent guidelines board. Apartment owners say such a move would make buildings unlivable. "A four-year rent freeze all but ensures these buildings completely crumble," said Kenny Burgos, chief executive officer of the New York Apartment Association, which represents several thousand property owners and managers. "I sympathize with folks who have an issue with the cost of rent and the lack of affordability, but there's a conversation to be had on policy that doesn't ignore the cost." Shares of New York-based banks exposed to real estate fell on Wednesday, with Flagstar Financial (FLG.N), opens new tab and Flushing Financial (FFIC.O), opens new tab, down 3.8% and 3.4%, respectively. As of May, Manhattan's median rent was up 7.6% from a year earlier, up 6.6% in northwest Queens, and is at a record in Brooklyn, according to real estate company Douglas Elliman. "I've lived in New York since 1990; it's only gotten worse for what it costs," said Marc Chandler, chief market strategist at Bannockburn Capital Markets. "Most young people I know have to have roommates." Mamdani also campaigned on subsidized grocery stores, which drew opposition from store owners. "If he opens stores and gives the product away for nothing on the city's budget, how do you compete with City Hall? People walk in, take what they want, they don't pay," said John Catsimatidis, a Republican donor and CEO of New York-based grocery chains Gristedes and D'Agostino Supermarkets. Mamdani, if elected, would have to also contend with the city's dwindling operating budget surplus, which has been falling as the city's workforce shrinks due to retirees and people leaving the city, according to New York's independent budget office. Whitney Tilson, a hedge fund executive who also ran for mayor but attracted little support, said that Mamdani was "totally unqualified to be mayor of one of the world's largest, most complex cities," and predicted that Adams would drop out and support Cuomo in an effort to defeat Mamdani. Hedge fund managers Bill Ackman and Daniel Loeb blasted the outcome on social media following the results, with Loeb reposting a meme about Florida real estate agents laughing in delight. Chandler dismissed the idea of a mass exodus. "If I had a nickel for every time I heard that, I wouldn't have to work anymore."
Yahoo
24-06-2025
- Business
- Yahoo
Pompliano's ProCap Buys 3,724 Bitcoin After Raising $750M War Chest
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 BTC at a time-weighted average price of $103,785 per coin. 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 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Independent
24-06-2025
- Business
- Irish Independent
Irish businessman Gary Quin hits paydirt with $1bn US bitcoin venture
Mr Quin is chief executive of special purpose acquisition corporation (Spac) Columbus Circle Capital Corporation, a blank-cheque firm that floated on the Nasdaq last month. It is backed by New York-based boutique investment bank Cohen & Company Capital Markets. Columbus Circle Capital raised $250m in gross proceeds when it floated, with Mr Quin retaining a 10pc stake in the business through founder shares. Now the Spac has confirmed it has signed a deal with cryptocurrency evangelist Anthony Pompliano, where a company called ProCap BTC, a bitcoin-focused financial services firm, will combine with the Spac to secure a stock-market listing. The transaction is expected to close by the end of the year, subject to regulatory approval. Once it does, the combined company will operate as ProCap Financial, with up to $1bn of bitcoin on its balance sheet. With 1.7 million followers on social media platform X, Mr Pompliano is the founder and chief executive of Professional Capital Management. ProCap Financial said it aims to become the leading financial services firm 'at the intersection of bitcoin and traditional finance'. It said it plans to use its bitcoin balance to 'generate revenue and profit through a variety of strategies'. A total of $516.5m in equity and $235m in convertible notes has been raised between the companies involved in the deal. It has been billed as the largest ever initial fundraise for a publicly-listed bitcoin treasury company. ADVERTISEMENT Learn more 'From day one we sought to partner with a platform and a leader that could develop a transformative organisation – and we found that in ProCap BTC and Anthony Pompliano,' said Mr Quin. 'Anthony's track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself,' he added. 'We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.' Mr Pompliano said the merged entity will 'develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings'. Mr Quin has previously held senior roles with companies including Digicel, the telecoms company that was founded by Denis O'Brien. He was a senior adviser to private equity giant Blackstone between 2011 and 2012, when the firm spearheaded a group of investors that bought Eircom out of examinership for $3.8bn. In early 2021, Mr Quin floated another Spac, the North Atlantic Acquisition Corporation, on the stock market in the US, raising almost $400m. Another key co-founder of NAAC was Irish businessman Patrick Doran. NAAC had planned to merge in 2022 with US-based tech business Telesign, which was owned by Belgian mobile phone company Proximus. However, NAAC later returned all its cash to shareholders after failing to cement a merger deal. Mr Quin is joined on the board of Columbus Circle Capital I by Garrett Curran. He is the former chief executive of Credit Suisse in the UK. Mr Quin worked for Credit Suisse between 2010 and 2019.
