Pomp Strikes Again: Anthony Pompliano’s ProCap Financial Unveils $1B Bitcoin Treasury Play via SPAC Deal

Wall Street meets Satoshi in a billion-dollar bet.

ProCap Financial—the brainchild of crypto evangelist Anthony Pompliano—just dropped a nuclear option on traditional finance. Their latest move? A $1 billion Bitcoin treasury acquisition via SPAC deal, proving once again that institutional money would rather print exit liquidity than admit they missed the 2017 boat.

Zero to hero in three acts

The SPAC route screams 'Wall Street wants in but still can’t say 'blockchain' without air quotes.' Meanwhile, Bitcoin maximalists are cracking open the champagne—this is the kind of institutional validation that turns 'risky asset' into 'reserve currency' faster than you can say hyperbitcoinization.

Finance wonks are already calculating how many Lambos $1B worth of BTC buys (spoiler: fewer every halving). One thing’s certain: when the suits start playing with digital gold, the game changes for good.

• ProCap Financial raised $750M, marking the largest bitcoin treasury fundraise to date.
• The firm will hold up to $1B in bitcoin offering investors direct exposure from day one.
• ProCap merges with CCCM to list on Nasdaq, accelerating bitcoin-native financial services.

Anthony Pompliano has announced a $1 billion business merger to form ProCap Financial, a Bitcoin protocol-based financial services company. The transaction consists of merging his privately owned company, ProCap BTC, LLC, with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a special-purpose acquisition company.

The transaction includes a $516.5 million equity raise and $235 million in convertible notes. This fundraising marks the most significant initial capital raise ever for a publicly traded bitcoin treasury company. Pompliano stated the capital will be used to acquire up to $1 billion in bitcoin, with plans to deploy most of the funds within 15 days of signing the definitive agreements.

Congratulations Anthony.

ProCap Financial will be traded on Nasdaq under the CCCM stock symbol. Beginning on the first day, it will offer equity investors direct exposure to Bitcoin, bypassing the delays common in other SPAC-related deals.

ProCap Financial to Offer Lending and Trading in Bitcoin

ProCap Financial aims to become a full-service financial institution built on a Bitcoin balance sheet. The firm will use its Bitcoin holdings to develop a range of services, including lending, trading, and capital markets. Pompliano stated that ProCap’s goal is to replicate the structure of traditional Wall Street firms while integrating a Bitcoin-based financial model.

Unlike other firms still awaiting SEC filings or merger closures, ProCap’s structure enables immediate bitcoin exposure. Investors participating in the equity raise receive non-voting preferred units backed by bitcoin, which will be held in a custodial account until the deal closes.

The convertible notes carry a 130% conversion rate and are collateralized 2x with either cash or bitcoin assets. U.S. Bank National Trust, N.A. will act as the collateral agent. ProCap will also ensure that its convertible debt instruments receive 144A CUSIP numbers for post-closure market activity.

Institutional Investors Back Pompliano’s Financial Strategy

The funding round attracted the involvement of major investment companies such as Magnetar Capital, Parafi, Blockchain.com, and FalconX. Others who supported the venture included industry figures like Mark Yusko and Eric Semler.

Furthermore, Gary Quin, CEO of CCCM, praised Pompliano’s experience and vision noting that ProCap Financial aligns with their goal of creating a transformative bitcoin-focused organization. Both companies’ boards approved the merger, which is pending regulatory review.

Following the announcement, Michael Saylor, founder of Strategy, publicly congratulated Pompliano. The relocation places ProCap among other large service providers who are stocking up on bitcoin as part of their Core treasury reserves.

Related Reading | Metaplanet Surpasses 11000 BTC with Bold Plan for 210000 Bitcoin