TL;DR
- Anthony Pompliano has revealed a $1 billion merger between ProCap BTC and Columbus Circle Capital Corp. to form ProCap Financial, a Bitcoin-native financial firm.
- The venture raised over $750 million, the largest initial fundraise ever for a public Bitcoin treasury company.
- The firm plans to hold up to $1 billion in Bitcoin and give equity investors direct BTC exposure through a publicly traded structure backed by institutional-grade custody and oversight.
Investor Anthony Pompliano is making a bold entrance into institutional-grade Bitcoin finance with the creation of ProCap Financial. This new firm emerges from a definitive merger agreement between ProCap BTC, LLC and Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC backed by a Cohen & Company Inc. subsidiary. The venture positions itself as a pioneering Bitcoin-native financial platform designed for long-term BTC accumulation and revenue generation.
Bitcoin-Based Structure With Institutional Scale
ProCap Financial intends to hold up to $1 billion in Bitcoin once the transaction is finalized, with $750 million already raised, $516.5 million in equity and $235 million in convertible notes. The capital raise has attracted notable players including Magnetar Capital, Blockchain.com, Parafi, Arrington Capital, and FalconX, along with industry figures like Mark Yusko and Jason Williams. These funds are already being used to accumulate Bitcoin, which will be safeguarded until the firm becomes publicly traded, giving early equity investors direct BTC exposure from day one.
The convertible notes carry a 130% conversion rate, zero interest, and a term of up to 36 months. They are backed by cash, equivalents, or Bitcoin itself and will be managed by US Bank National Trust. This structure not only reduces risk but also aligns with Bitcoin’s increasing role as a financial asset in corporate treasuries. The company aims to offer security, transparency, and real-time access to Bitcoin-based financial performance metrics.
ProCap Aims To Redefine Bitcoin Financial Products
Pompliano, who has invested in over 300 private firms, will lead ProCap Financial. His vision is to create sophisticated financial products that integrate Bitcoin natively, not merely holding BTC but using it as a strategic asset to generate long-term value. Unlike traditional investment vehicles, this model blends equity financing with direct BTC reserves, providing both transparency and utility for investors.
A registration statement for the proposed merger will be filed via Form S-4 with the U.S. SEC. The deal is expected to close by the end of 2025, pending regulatory and shareholder approval. Pompliano’s initiative mirrors moves by figures like Michael Saylor, underscoring the growing demand for institutional-grade Bitcoin exposure in publicly listed structures.
