Crypto entrepreneur Anthony Pompliano’s firm ProCap has made a massive bet on Bitcoin with a $386 million purchase, its first major investment as it eyes a public listing later this year. ProCap BTC confirmed the acquisition of 3,724 BTC at an average price of $103,785 per coin. The value of the holding has already surged close to $400 million, thanks to Bitcoin’s recent rally.

This bold move comes just one day after ProCap revealed plans to go public through a special purpose acquisition company (SPAC) merger with Columbus Circle Capital. The SPAC deal, which has already secured $751 million in funding—$516 million in equity and $235 million in convertible notes—is designed to fast-track ProCap’s public debut under the name ProCap Financial.

Pompliano, known for his long-time Bitcoin advocacy, said, “We believe Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it,” signaling the firm’s deep commitment to BTC. ProCap intends to scale its Bitcoin holdings to $1 billion as part of its strategic treasury allocation.

If ProCap went public today, it would hold the 14th-largest BTC position among public companies—just behind Semler Scientific, according to data from BiTBO.

Corporate Bitcoin accumulation continues to escalate. In the same week, giants like MicroStrategy and Japan’s Metaplanet boosted their holdings to 592,345 and 11,111 BTC respectively. Real estate tycoon Grant Cardone also revealed his firm’s first purchase of 1,000 BTC. Meanwhile, Panther Metals and Green Minerals announced plans to invest $5.4 million and $1.2 billion in Bitcoin, respectively, blending traditional business with the digital asset boom.