#Bitcoin treasury firm ProCap acquired 3,724 Bitcoin currently worth about $395 million on Tuesday, just one day after announcing its plans to go public in a $1 billion SPAC deal. 

Founded by investor and cryptocurrency personality Anthony Pompliano, ProCap purchased the Bitcoin this week at a time-weighted average price of $103,785 per token, according to the firm’s statement. 

"We believe bitcoin is the new hurdle rate," Pompliano wrote in an X post addressing the announcement. "If you can’t beat it, you have to buy it."

Bitcoin was recently trading at about $106,000 up 2.1% in the past 24 hours, according to data provider CoinGecko. 

The purchase follows #ProCap’s announcement on Monday that it closed a $750 million raise. The funds, which will go toward helping the company merge with blank-check firm Columbus #Circle Capital to become ProCap Financial— a new publicly traded company.