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NEW YORK - ProCap BTC, LLC, a bitcoin-native financial services firm founded by Anthony Pompliano, has purchased 3,724 bitcoin at a time-weighted average price of $103,785 per bitcoin, according to a company statement released Tuesday. The acquisition comes as Columbus Circle Capital Corp. I (NASDAQ:CCCM), its proposed merger partner, shows strong momentum with a 29.65% return over the past six months, according to InvestingPro data.
The acquisition follows the company’s June 23 announcement of a proposed $1 billion business combination with Columbus Circle Capital Corp. I (NASDAQ:CCCM) to take the company public as ProCap Financial, Inc. The SPAC currently maintains a market capitalization of $408.12 million, though InvestingPro analysis indicates recent price volatility, with the stock dropping 15.08% in the past week.
The bitcoin was acquired as part of the company’s ongoing purchase program, with ProCap BTC stating that equity investors received immediate bitcoin exposure from the equity raise. The company indicated it plans to continue buying bitcoin for its balance sheet as part of its business strategy.
Upon completion of the proposed business combination, ProCap Financial is expected to hold up to $1 billion in bitcoin on its balance sheet, according to the press release.
Columbus Circle Capital Corp. I is a Cayman Islands-incorporated blank check company led by Chairman and CEO Gary Quin, COO Dan Nash, and CFO Joseph W. Pooler, Jr.
The companies intend to file a Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission in connection with the proposed business combination and related transactions. Want deeper insights? InvestingPro subscribers have access to 7 additional exclusive ProTips and comprehensive financial metrics to better evaluate this merger’s potential.
The announcement noted that the time-weighted average price for the initial purchases may differ from the signing bitcoin price for purposes of the Business Combination Agreement signed on June 23.
In other recent news, Columbus Circle Capital Corp I completed its initial public offering (IPO), raising a total of $257 million. The offering included the sale of 25 million units at $10 each, alongside 3 million units issued through the underwriters’ over-allotment option. Additionally, the company conducted a private sale of 705,000 units, generating $7.05 million, bringing the total proceeds to $257 million. These funds have been placed into a trust account managed by Continental Stock Transfer & Trust Company. Columbus Circle Capital has filed an audited balance sheet reflecting the IPO and private placement proceeds. In another development, the company appointed Daniel Nash as Chief Operating Officer. Nash has extensive experience, having previously led investment banking at Cohen & Company Capital Markets. The company also announced changes to its board committees, with Dr. Adam Back resigning from the Compensation Committee and Matthew Murphy being appointed in his place.
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