Morgan Creek Digital Property co-founder and crypto influencer Anthony Pompliano is getting ready to launch a brand new Bitcoin-focused funding car that goals to lift $750 million via a merger with Columbus Circle Capital 1, the Monetary Instances reported on June 13, citing individuals aware of the matter.
The brand new entity, known as ProCapBTC, will reportedly safe $500 million in contemporary fairness commitments alongside $250 million in convertible debt.
The fundraising would comply with a merger with Columbus Circle Capital 1, a particular objective acquisition firm, or SPAC, which went public in Could with backing from funding financial institution Cohen & Firm Capital Markets.
The deal’s phrases haven’t been finalized however could possibly be introduced as quickly as subsequent week, in accordance with the report.
Increasing crypto publicity
Columbus Circle Capital 1 is one in every of a number of SPACs sponsored by Cohen & Firm, a New York Inventory Alternate-listed agency that has change into more and more energetic within the digital asset sector.
The financial institution, which has its roots in conventional capital markets and asset administration, has expanded into auditing, tax and advisory companies for cryptocurrency exchanges, token issuers, non-fungible tokens (NFTs), and decentralized finance initiatives.
Columbus Circle Capital 1 raised $250 million in an preliminary public providing in Could 2025, particularly to focus on mergers with firms in rising sectors like blockchain and digital funds.
The reported launch of ProCapBTC comes on the heels of Pompliano’s profitable itemizing of ProCap Acquisition, one other SPAC targeted on the monetary know-how sector. ProCap Acquisition debuted on the Nasdaq in April and raised $250 million by promoting 25 million items at $10 every.
Pompliano, a widely known Bitcoin advocate and podcast host, has not confirmed the reported merger plan for ProCapBTC on social media or via official statements.
If finalized, the deal would add to a current wave of huge institutional Bitcoin funding automobiles, underscoring renewed urge for food for direct publicity to Bitcoin amid rising acceptance of the digital asset class.
