A firm founded by longtime Bitcoin (BTC) advocate Anthony Pompliano is making massive BTC purchases one day after announcing a billion-dollar merger.
According to a new press release, ProCap Financial, renamed ProCap BTC after it merged with Columbus Circle Capital I, has acquired $387 million in Bitcoin to actively manage a new digital asset treasury.
[adinserter block="1"]The firm aims to raise as much as $1 billion to deploy the funds into various crypto-related revenue strategies that include lending, derivatives, and structured finance.
According to the announcement, the Bitcoin purchase is part of an ongoing program that aims to provide investors with immediate exposure to the flagship crypto asset.
In a new interview with CNBC, Pompliano, an outspoken BTC bull, lays out his vision for the firm.
“We want to build the leading bitcoin-native financial services company – like a traditional Wall Street firm, but on top of a Bitcoin balance sheet instead of dollars…
The goal is to look and feel like a traditional financial institution. That resonates very differently with capital allocators…
Many companies don’t care about the cost of capital. We do. We’re traditional capital allocators — we care about building a sustainable business that generates cash flow.”
BTC is worth $105,329 at time of writing, up 4% on the day.
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