ProCap Buys 3,724 Bitcoin Worth $386 Million

ProCap, a Bitcoin financial services firm, announced on Tuesday it has purchased 3,724 Bitcoin for $386 million. The buy comes shortly after revealing a plan to go public later this year through a SPAC merger with Columbus Circle Capital.

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The company acquired the assets at a time-weighted average price of $103,785 per coin. Since the purchase, the value has already risen close to $400 million.

Pompliano explained the firm’s aggressive strategy with a simple phrase: “Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it.”

Going Public Via SPAC Deal

To go public, ProCap is merging with blank-check company Columbus Circle Capital. The firms have raised more than $750 million to support the deal—$516 million in equity and $235 million in convertible notes.

The merged entity will be named ProCap Financial and plans to use the capital to buy up to $1 billion worth of Bitcoin, joining a growing list of companies building crypto-focused treasuries.

Corporate Bitcoin Buying Trend Accelerates

If ProCap were public today, it would rank 14th among publicly traded companies by Bitcoin holdings, just behind Semler Scientific.

This week alone, firms like Strategy, Metaplanet, Grant Cardone’s company, Panther Metals, and Green Minerals have all added significant Bitcoin holdings. The message from corporate America is becoming clear: Bitcoin is now a core treasury asset.

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Bitcoin Drops, $42M in Unrealized Losses

According to an April 15 SEC filing, Semler Scientific reported an unrealized loss of approximately $41.8 million on its Bitcoin holdings since December 31.

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As of March 31, the company held 3,182 BTC, valued at approximately $263.5 million. Over Q1 2025, Bitcoin dropped 12%, from $93,500 in early January to $82,350 at quarter’s end.

Revenue and Operational Update

Semler expects revenues of between $8.8 million and $8.9 million for the quarter, along with an operational loss of $1.3 million to $1.5 million. It reported around $10 million in cash and cash equivalents.

Semler Scientific has also agreed in principle to pay $30 million to settle civil claims raised by the U.S. Department of Justice. Further details on the investigation remain undisclosed.

Bold Move: $500M Securities Offering

In a separate SEC filing on April 15, the firm outlined its plan to offer up to $500 million in securities, stating part of the proceeds will be used to acquire additional Bitcoin.

Semler’s stock, listed under ticker SMLR on Nasdaq, is down 36% year-to-date. The company cautioned about continued volatility but reaffirmed its commitment to long-term Bitcoin accumulation.

Despite facing losses, Semler Scientific remains committed to its dual strategy: growing its healthcare business while investing heavily in Bitcoin. Investors should watch closely as the company navigates regulatory challenges and volatile markets.

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According to a January 23 press release, the company will secure these funds through a private convertible bond issuance, maturing in 2030. While part of the proceeds will be used for corporate activities, the majority will be allocated to purchasing Bitcoin (BTC).

The company’s Q4 2024 financial report, published on the same day, revealed that its Bitcoin investments have generated a $28.9 million paper profit. On January 13, Semler purchased an additional 237 BTC, bringing its total holdings to 2,321 BTC. With Bitcoin trading around $105,000, the company’s total BTC assets are valued at approximately $241 million.

Semler Focuses on Bitcoin

The company first bought Bitcoin in May 2023, following in the footsteps of public firms like MicroStrategy. After announcing its initial 581 BTC purchase on May 28, Semler’s stock surged 30%.

Semler Scientific CEO Doug Murphy-Chutorian stated, “We are excited to continue executing our Bitcoin treasury strategy.”

In November 2023, he reaffirmed that Semler Scientific remains fully committed to acquiring and holding Bitcoin.

Bitcoin Hits New All-Time Highs!

Bitcoin reached a record high of $109,000 just before U.S. President Donald Trump’s January 20 inauguration.

The company’s Q4 2024 financial projections estimate revenues between $12.1 million and $12.5 million, with operating income ranging from $3.4 million to $3.7 million.

Semler (SMLR) stock closed down 1.55% on January 23 and fell another 12% in after-hours trading, dropping to $53.75.

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MicroStrategy purchased more Bitcoin between January 13 and January 20, increasing its total holdings to 461,000 BTC, valued at $48 billion. This makes MicroStrategy the largest public company holding Bitcoin.

Semler Scientific currently ranks 13th among public companies in Bitcoin holdings.

More Companies Are Buying Bitcoin!

Alongside Semler Scientific, firms such as Hoth Therapeutics, Genius Group (AI developer), and Rumble (YouTube alternative) have also invested in Bitcoin. This treasury strategy was pioneered and popularized by MicroStrategy.

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Japanese Energy Company Remixpoint’s Bitcoin Strategy

Energy consulting firm Remixpoint, listed on the Tokyo Stock Exchange, continues to increase its Bitcoin investment. The company added 33.34 BTC more with its latest purchase, bringing its total Bitcoin holdings to 333 BTC. This investment was made with approximately 500 million yen.

Remixpoint holds not only Bitcoin but also the following crypto assets:

• Ethereum (ETH): 1,391 ETH
• Solana (SOL): 6,724 SOL
• Ripple (XRP): 513,060 XRP
• Avalanche (AVAX): 19,468 AVAX
• Dogecoin (DOGE): 1.15 million DOGE

Investment Moves by MicroStrategy and Metaplanet

MicroStrategy, the world’s largest corporate Bitcoin holder, acquired another 2,530 BTC in January, increasing its total Bitcoin holdings to 450,000 BTC.

Japanese investment firm Metaplanet aims to increase its Bitcoin holdings to 10,000 BTC within the year. The firm currently holds 1,761 BTC following its purchase of 619.7 BTC on December 23.

Nasdaq-Listed Semler Scientific’s Rise

US-based healthcare technology firm Semler Scientific is aggressively increasing its Bitcoin investments. The company purchased another 237 BTC for $23.3 million in the last month.

Semler Scientific currently holds a total of 2,321 BTC. The total value of these assets is approximately $192 million. The company’s Bitcoin purchases were financed through proceeds from stock sales and operational cash flows.

Bitcoin Continues to Be the Favorite of Institutional Investors

Bitcoin price fluctuations are shaping the strategic moves of institutional firms. The investments of companies like Remixpoint, MicroStrategy, Metaplanet, and Semler Scientific once again demonstrate Bitcoin’s importance both as a store of value and a strategic asset.

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Recent Bitcoin Acquisition

On June 6, the company reported in an S-3 filing to the US securities authorities its most recent acquisition of Bitcoin. Originally buying just 581 bitcoins on May 28, it currently has 828 bitcoins, valued at more than $58.5 million.

“It emphasizes our opinion that bitcoin is a worthy investment and a consistent store of value. We shall keep following our plan of buying bitcoins with cash.”

Future Plans and Funding Strategy

Neither is Semler wasting too much time. It said it might raise debt securities worth another $150 million, of which some would be used to purchase more Bitcoin. The company said, “We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of bitcoin.”

In a June 6 statement, Doug Murphy-Chutorian, the CEO of the company, claimed Semler’s investment strategy for Bitcoin has evolved into the company’s second main focus beside its healthcare operation.

Bitcoin as a Strategic Asset

Now Semler’s main treasury reserve asset, Bitcoin, may act as a “reasonable inflation hedge and safe haven amid global instability,” the company wrote in its SEC disclosure.

“We also think that its digital, architectural resilience makes it better than gold, which has a market value much above the market value of bitcoin,” Semler added. “Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as ‘digital gold.”

The company repeated that it “has no plans to purchase cryptocurrency assets other than bitcoin.”

Market Reactions and Comparisons

News of Semler’s (SMLR) May 28 purchase caused a 30% stock surge. But it fell 2.5% to $29.13 on June 6, as Google Finance data indicates, not popping this time around.

Metaplanet, a Japanese-based investing company, follows MicroStrategy’s Bitcoin approach.

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Since first purchasing $6.5 million in Bitcoin on April 8, it has made further acquisitions totaling 117.7 Bitcoin, or $8.3 million at current rates.

The final Bitcoin acquisition made by Metaplanet on May 22 helped it rank highest among all the stocks on the Tokyo Stock Exchange for two consecutive days.

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The board of directors of Semler Scientific announced that it “adopted bitcoin as its primary treasury reserve asset” and “purchased 581 bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses.”

Company’s shares surged 27% on Tuesday, at one point changing hands at $29.50 a share after closing at $23.32 per share on Friday (U.S. markets were closed Monday). Yahoo Finance reports. At the time of publishing, the market capitalization of all of Semler Scientific’s shares was rather more than $200 million.

“Our bitcoin treasury strategy and purchase of bitcoin highlight our belief that bitcoin is a reliable store of value and a compelling investment,” Semler Scientific Chairman Eric Semler said in the company’s statement.” Being a limited and finite asset, Bitcoin offers special qualities as a suitable inflation buffer and safe haven amid world turmoil.”

The company stated it keeps making money and building cash reserves; bitcoin will be Semler Scientific’s “principal treasury holding on an ongoing basis.”

Renowned for its MicroStrategy, which started purchasing with extra income in 2020 as an inflation hedge, Michael Saylor’s business intelligence company

Shares of Semler (SMLR) traded at $30.38 at publication time.

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