Anthony Pompliano’s ProCap Buys Another 1,208 BTC ($128M), Now Outholds GameStop

In a significant development, renowned American entrepreneur Anthony Pompliano’s ProCap BTC, LLC, has announced the acquisition of 1,208 BTC valued at $128 million.

As detailed in the Wednesday X post, the bitcoin-focused treasury firm acquired the asset at an average price of $105,977, bringing its total bitcoin stash to an impressive 4,932 BTC ($527 million at the current market price).

Interestingly, the acquisition marks the second consecutive day that ProCap has bought Bitcoin. The Bitcoin treasury firm acquired 3,724 BTC worth $394 million on Tuesday, as its owner, Pompliano, employs an aggressive strategy to stack as much of the premier asset as possible.

ProCap Enters the Bitcoin Acquisition Race Red Hot

Instead of waiting for market dips, Pompliano’s ProCap has showcased a tactic that contrasts with more cautious market players. The average purchase price of $105,977, slightly above recent market averages, indicates a willingness to pay a premium for a Bitcoin bag.

The business mogul believes Bitcoin is the “new hurdle rate,” suggesting that investments with return rates lower than Bitcoin’s are not a good buy. Remarkably, no other asset class has come close to Bitcoin’s performance in the past decade, increasing the leading cryptocurrency’s appeal among investors.

“If you can’t beat it, you have to buy it,” Pompliano added.

Meanwhile, ProCap’s successive Bitcoin acquisition has seen it surpass GameStop in ranking among the top public companies holding the asset. Pompliano disclosed this in a tweet, citing data from Bitcoin Treasuries.

For context, ProCap now ranks 13th on the log despite its recent foray into Bitcoin acquisition, with its 4,932 BTC trumping GameStop’s 4,710 BTC. Nonetheless, this lead may not last long, as GameStop recently raised an additional $450 million through convertible note sales to buy Bitcoin.

At the top of the list of Bitcoin-holding public firms is Strategy (formerly MicroStrategy), which holds 529,345 BTC. MARA Holdings (49,678 BTC), Twenty One Capital (37,230 BTC), and Riot Platform (19,225 BTC) occupy the second, third, and fourth places, respectively.

ProCap BTC’s $751.5 Million Merger Signals Bold Bitcoin Bet

The merger with CCCM, which includes $516.5 million in equity and $235 million in convertible notes, further amplified ProCap’s strategy. Meanwhile, CEO Gary Quin of CCCM has praised Pompliano’s leadership, noting the combined entity’s transformative potential.

Notably, this approach is commonplace among Bitcoin treasury firms, who have taken a page from MicroStrategy’s playbook. Several firms, including Metaplanet, the Blockchain Group, GameStop, Kurl Technology, and Rumble, among others, have consistently leveraged debt instruments to increase their Bitcoin holdings.

However, this technique has come under intense criticism, with its detractors citing its perceived risks. Despite this, Pompliano’s relentless pursuit, echoed by Michael Saylor’s supportive comment on X, positions ProCap as a trailblazer in redefining investment benchmarks.

As Bitcoin’s role evolves, this move could set a precedent for institutional adoption, though its success hinges on navigating the cryptocurrency’s inherent uncertainties.

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