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CoinDesk 2025-06-23 12:47:44

Anthony Pompliano’s ProCap to Go Public in $1B Bitcoin Treasury SPAC Deal

Anthony Pompliano is taking his bitcoin-native financial platform ProCap BTC public through a $1 billion merger with Columbus Circle Capital Corp. I (CCCM), a special-purpose acquisition company (SPAC) sponsored by an affiliate of Cohen & Company. The transaction, announced Monday, positions the new entity, ProCap Financial, Inc., as one of the largest bitcoin treasuries ever to hit public markets. In what’s being called the largest initial fundraise for a public bitcoin BTC treasury company to date, ProCap raised $550 million in preferred equity and secured $225 million in convertible notes, giving future shareholders immediate exposure to bitcoin through a structure designed to acquire BTC ahead of the deal's close. Led by Pompliano, a well-known investor and vocal bitcoin advocate, ProCap aims to operate at the intersection of digital assets and traditional finance. The company plans to generate profit not just by holding BTC but by actively deploying its bitcoin balance sheet across yield-generating strategies that mitigate risk and capitalize on crypto-financial infrastructure. "The legacy financial system is being disrupted by bitcoin," Pompliano said in a statement. "ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors." The merger values the combined entity at up to $1 billion, depending on the final bitcoin purchase price at closing. ProCap’s BTC assets will be custodied until the transaction completes, giving investors near-instant BTC exposure without waiting for the company to go public. The transaction is expected to close before the end of 2025, pending SEC review and shareholder approval. The Financial Times first reported that Pompliano was set to become the CEO of ProCap BTC, and that the company was planning to raise $750 million to acquire bitcoin. Read more: Anthony Pompliano Set to Head $750M Bitcoin Investment Vehicle: FT

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