Anthony Pompliano announces $1B SPAC merger to launch ProCap Financial
Pompliano launches ProCap Financial
Anthony Pompliano, a well-known bitcoin advocate and investor, has announced a $1 billion merger that will lead to the creation of ProCap Financial, Inc.—a bitcoin-native financial services firm that will go public.
The company will be formed through the combination of his private entity, ProCap BTC, LLC, and Columbus Circle Capital Corp I (NASDAQ: CCCM), a SPAC backed by a subsidiary of Cohen & Company.
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According to the press release, upon completion of the deal, ProCap Financial will hold up to $1 billion worth of bitcoin on its balance sheet. The company has raised $516.5 million in preferred equity and an additional $235 million through convertible notes—making it the largest initial fundraising round for a public company holding bitcoin reserves.
Investors, strategy, and leadership
The financing round attracted support from leading institutional and crypto-native investors, including Magnetar Capital, Anson Funds, Parafi, Blockchain.com, and FalconX. Industry veterans such as Mark Yusko and Jorge Lorenzo also participated.
Pompliano, who has invested in more than 300 startups and is widely known for his strong bitcoin advocacy, will serve as CEO of ProCap Financial. He emphasized that the company aims to bridge traditional finance and the bitcoin economy by using its BTC reserves not only for holding but also for generating returns.
“Our goal is to build a platform that not only acquires bitcoin for our balance sheet but also implements risk-mitigated strategies to earn revenue and profit from our bitcoin holdings,” Pompliano stated.
Next steps and legal framework
ProCap Financial plans to offer institutional-grade financial products. The convertible notes include a 130% conversion rate, zero interest, and are secured 2-to-1 by either cash or bitcoin. U.S. Bank will act as the collateral agent.
The merger has been approved by both companies’ boards and is expected to close by the end of 2025 following regulatory review. CCCM shareholders and ProCap investors will receive equity in the new company, proportionate to the value of bitcoin at the time of closing.
Legal and financial advisors involved in the transaction include Reed Smith, Cohen & Company, Ellenoff Grossman & Schole, and Morgan Lewis. Once completed, ProCap Financial will be listed under a new ticker.
