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US investor and entrepreneur Anthony Pompliano announced the creation of a new Bitcoin treasure company that could keep up to $ 1 billion from Greatest cryptocurrency in the world in your balance sheet.
Pompliano said in a statement that his Procap BTC financial service company will merge with Columbus Circle Capital I, a specific purpose acquisition company, to create Procap Financial, a Bitcoin treasury company.
Several companies have employed Bitcoin’s treasury strategies, which involve allocating part of their money and reservations on Bitcoin, to replicate the success of the Microstrategy software company, which has started accumulating Bitcoins by 2020 and now has more than $ 63 billion in digital tokens.
The trend comes at a time when US President Donald Trump seeks to reformulate cryptocurrency policy, including appeals to establish a strategic bitcoin reserve after courting sector money during his election campaign.
Pompliano, one of the largest investors in the cryptocurrency sector in recent years, said Procap BTC has raised $ 500 million in stocks and $ 250 million in convertible notes, in what he classified as the largest initial fundraising in history for a Bitcoin treasury company.
Unlike Bitcoin’s traditional treasury companies, Pompliano said Procap Financial would use cryptocurrency to generate revenue and profit through a variety of strategies, including loans, derivatives and other products and services.
He also said the leading institutional investors – Susquehanna, Jane Street and Magnetar – committed capital, as well as off -chain capital, Pantera, Coinfund, Parafi, blockchain.com and Falconx.
Reuters could not verify that these companies were investing in Procap Financial.
“The traditional financial system is being interrupted by Bitcoin right before our eyes,” said Pomplian.
“Our goal is to develop a platform that not only gets bitcoins for our balance, but also implements risk reduction solutions to generate sustainable revenues and profits from our bitcoin assets.”
Source: Moneytimes
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