The post Anthony Pompliano’s ProCap BTC Acquires 3,724 Bitcoin Following a Strategic Merger With Columbus Circle appeared first on Coinpedia Fintech News
Anthony Pompliano’s ProCap BTC has acquired 3,724 Bitcoin for about $387 million to strengthen its balance sheet. The Bitcoin purchase for its balance sheet followed Monday’s announcement of a proposed $1 billion quest to accumulate more BTCs via a strategic merger with Columbus Circle Capital Corp. (NASDAQ: CCCM).
The company has already managed to raise $750 million, after selling $516.5 million in equity and $235 million in convertible notes. As a result, the ProCap BTC investors have a direct exposure to the flagship coin and in a regulated manner.
“If you can’t beat it, you buy it,” the announcement highlighted.
Rising Institutional Adoption of Bitcoin
According to market data from BitcoinTreasuries, 245 entities now hold more than 3.45 million BTCs for their respective treasury management. The palpable success of Strategy and MetaplanetMetaplanet has convinced other companies globally to follow in the same path.
The pro-crypto legislations in the United States have helped attract more institutional investors into the Bitcoin market. Furthermore, the Federal Reserve has identified BTC as a digital gold, thus heavily influencing states that have implemented strategic Bitcoin reserves bills.
The undeniable success of the U.S. spot BTC ETFs is a clear indication of the high demand of the flagship coin by institutional investors.
What Next for BTC Price?
Bitcoin price has been hovering around a crucial crossroads that could either result in a parabolic rally or further midterm correction. Despite the notable high demand for Bitcoin by institutional investors, the flagship coin faces intense selling pressure from over $12 billion in short leveraged positions entered around $112k.
Consequently, if the BTC price does not consistently closes above $110k in the coming weeks, a retrace below $100k will be inevitable in the next three months.
