Anthony Pompliano is taking its native financial platform of Bitcoin ProCap BTC Public through a fusion of $ 1 billion with Columbus Circle Capital Corp. I (CCCM), a special purpose acquisition company (SPAC) sponsored by a Cohen & Company affiliate.
The transaction, announced Monday, positions the new entity, ProCap Financial, Inc., as one of the largest Bitcoin Treasury bonds that public markets have ever achieved.
In what is called the largest initial fund collection for a public bitcoin
To date, the Treasury Company, ProCap raised $ 550 million in preferred capital and obtained $ 225 million in convertible notes, which gives future shareholders immediate exhibition to Bitcoin through a structure designed to acquire BTC before closing the agreement.
Directed by Pompliano, a well -known Bitcoin Vocal Investor and Defender, ProCap aims to operate at the intersection of traditional digital assets and finance.
The company plans to generate profits not only having BTC, but also actively deploying its Bitcoin general balance through performance generation strategies that mitigate the risk and capitalize the cryptofinial infrastructure.
“The inherited financial system is being interrupted by Bitcoin,” Pompliano said in a statement. “ProCap Financial represents our solution to the growing demand for Bitcoin native financial services among sophisticated investors.”
The merger values the combined entity of up to $ 1 billion, depending on the final purchase price of Bitcoin at the close. BTC’s assets of ProCAP will be guarded until the transaction is completed, which gives investors an almost instant BTC exhibition without waiting for the company to be public.
The transaction is expected to close before the end of 2025, waiting for the review of the SEC and the approval of the shareholders.
The Financial Times reported for the first time that Pompliano would become the CEO of ProCap BTC, and that the company was planning to raise $ 750 million to acquire Bitcoin.
Read more: Anthony Pompliano went to $ 750m Bitcoin Investment Vehicle: FT
