Latest news with #ProCapBTC
Yahoo
3 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
Yahoo
5 days ago
- 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
5 days ago
- 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.
Irish Times
5 days ago
- Business
- Irish Times
Irish businessman Gary Quin's new Spac enters tie-up with bitcoin treasury firm
A new Nasdaq-listed special purpose acquisition vehicle (Spac) led by Irish businessman Gary Quin is to merge with a bitcoin treasuries company, called ProCap BTC, in a deal that would take the latter public. Mr Quin had previously set up another Spac – also known as listed cash shells or 'blank cheque' companies – in 2021, but that was subsequently put into liquidation two years later, after it failed to secure a tie-up with an operating company amid volatile equity markets at the time. The businessman floated his latest Spac, called Columbus Circle Capital Corporation, in May after raising $220 million (€189.6 million) in an initial public offering (IPO). ProCap BTC is led by US investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. READ MORE The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue, by offering services like lending, trading, and capital markets – all denominated in bitcoin. Spacs, which became a hot area of Wall Street in 2021 as equity markets were flying high, have re-emerged as a big investment theme this year. '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 Gary Quin, CEO of Columbus Circle. 'Anthony's track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.' After the tie-up is completed, the new entity will be called ProCap Financial and be headed by Mr Pompliano.
Yahoo
6 days ago
- Business
- Yahoo
Anthony Pompliano strikes deal to create publicly-traded Bitcoin treasury company
Crypto investor and financial influencer Anthony Pompliano's Bitcoin-native financial service company has made plans to go public via a special-purpose acquisition company (SPAC). ProCap BTC will merge with Columbus Circle Capital Corp. I, a SPAC affiliated with financial services firm Cohen & Company Inc, according to a statement from Columbus Circle on Monday. As part of the agreement, the new company formed through the merger—ProCap Financial—will be headed by Pompliano, and establish a treasury with up to $1 billion in Bitcoin once the merger closes. The Bitcoin treasury will be used to generate revenue and profit through various strategies, according to the statement, although it did not disclose exactly what those would be. ProCap Financial plans to list on the Nasdaq after gaining regulatory approval from the Securities and Exchange Commission, Constantine Karides, chief legal counsel on the deal, told Fortune. 'Our objective is to 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,' Pompliano said in a statement. Ahead of the merger, ProCap BTC and Columbus Circle Capital Corp. have raised more than $750 million in equity and debt financing from investors, including crypto prime brokerage FalconX, financial services company and investment company Off The Chain Capital. The merger announcement along with its crypto investment ambitions comes as a growing number of companies move to establish their own Bitcoin treasury. The trend was pioneered by Michael Saylor's Strategy, formerly Microstrategy, a veteran software company that pivoted to Bitcoin buying in 2020. Since then, the company has acquired nearly 600,000 Bitcoins, worth over $60 billion at its current price. Over the past five years, Strategy's stock price has increased more than 3,000% as the value of Bitcoin continues to appreciate. In April, Cantor Fitzgerald announced a plan to use a SPAC to create a Bitcoin acquisition company called Twenty One Capital in partnership with three other companies. Last month, the company behind President Donald Trump's social media platform Truth Social, Trump Media and Technology Group, announced a plan to buy $2.5 billion worth of Bitcoin. Even GameStop, the embattled video game retailer, has pivoted its investment strategy to include Bitcoin acquisitions. This story was originally featured on
