In a landmark move for institutional Bitcoin adoption, Anthony Pompliano’s ProCap BTC has secured $751.5 million in financing and entered into a definitive merger agreement with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a special purpose acquisition company (SPAC). The merger will create ProCap Financial, a Bitcoin-native public financial firm launching with up to $1 billion in BTC on its balance sheet—the largest initial fundraise ever for a Bitcoin treasury company.
The combined entity positions itself as a direct competitor to institutional players like MicroStrategy and Marathon Digital, aiming to provide sophisticated bitcoin exposure through public markets.
ProCap raised $516.5 million in preferred equity and secured an additional $235 million in convertible notes from a consortium of prominent investors, including:
"The legacy financial system is being disrupted by bitcoin," said ProCap founder Anthony Pompliano. “ProCap Financial is our solution to meet institutional demand for bitcoin-native financial services.”
In an innovative move, ProCap will deploy the $516.5 million equity proceeds to buy Bitcoin within 15 days, allowing shareholders exposure to BTC price action before the merger closes. These assets will be held in custody until the deal is finalized.
The convertible notes come with investor-friendly terms:
The merger is expected to close by year-end 2025, pending SEC review and shareholder approvals.Gary Quin, CEO of Columbus Circle Capital, praised Pompliano's leadership:
“We were searching for a transformative platform—and found it in Anthony’s vision and execution.”
Pompliano, known for his early Bitcoin evangelism and investments in over 300 private tech firms, will serve as CEO of the public company.
ProCap Financial’s mission is to generate long-term yield and profits from its Bitcoin holdings, using strategies beyond passive accumulation. The company also plans to develop a full suite of bitcoin-native financial services for institutions.
As Bitcoin gains institutional traction—fueled by macro events like Trump’s election and increased regulatory clarity—ProCap is poised to become a major gateway for Wall Street to gain secure, public-market exposure to Bitcoin.
June 2025, Cryptoniteuae