Anthony Pompliano is taking his bitcoin-native monetary platform ProCap BTC public by a $1 billion merger with Columbus Circle Capital Corp. I (CCCM), a special-purpose acquisition firm (SPAC) sponsored by an affiliate of Cohen & Firm.
The transaction, introduced Monday, positions the brand new entity, ProCap Monetary, Inc., as one of many largest bitcoin treasuries ever to hit public markets.
In what’s being referred to as the biggest preliminary fundraise for a public bitcoin
treasury firm thus far, ProCap raised $550 million in most well-liked fairness and secured $225 million in convertible notes, giving future shareholders speedy publicity to bitcoin by a construction designed to accumulate BTC forward of the deal’s shut.
Led by Pompliano, a widely known investor and vocal bitcoin advocate, ProCap goals to function on the intersection of digital property and conventional finance.
The corporate plans to generate revenue not simply by holding BTC however by actively deploying its bitcoin stability sheet throughout yield-generating methods that mitigate danger and capitalize on crypto-financial infrastructure.
“The legacy financial system is being disrupted by bitcoin,” Pompliano mentioned in a press release. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors.”
The merger values the mixed entity at as much as $1 billion, relying on the ultimate bitcoin buy worth at closing. ProCap’s BTC property might be custodied till the transaction completes, giving buyers near-instant BTC publicity with out ready for the corporate to go public.
The transaction is anticipated to shut earlier than the tip of 2025, pending SEC overview and shareholder approval.
The Monetary Occasions first reported that Pompliano was set to grow to be the CEO of ProCap BTC, and that the corporate was planning to boost $750 million to accumulate bitcoin.
Learn extra: Anthony Pompliano Set to Head $750M Bitcoin Funding Automobile: FT
