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 most important preliminary fundraise for a public bitcoin
treasury firm so far, ProCap raised $550 million in most well-liked fairness and secured $225 million in convertible notes, giving future shareholders rapid publicity to bitcoin by a construction designed to amass 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 belongings and conventional finance.
The corporate plans to generate revenue not simply by holding BTC however by actively deploying its bitcoin steadiness sheet throughout yield-generating methods that mitigate danger and capitalize on crypto-financial infrastructure.
“The legacy monetary system is being disrupted by bitcoin,” Pompliano stated in an announcement. “ProCap Monetary represents our resolution to the rising demand for bitcoin-native monetary companies amongst refined traders.”
The merger values the mixed entity at as much as $1 billion, relying on the ultimate bitcoin buy worth at closing. ProCap’s BTC belongings will probably be custodied till the transaction completes, giving traders near-instant BTC publicity with out ready for the corporate to go public.
The transaction is predicted to shut earlier than the top of 2025, pending SEC evaluation and shareholder approval.
The Monetary Instances first reported that Pompliano was set to turn into the CEO of ProCap BTC, and that the corporate was planning to boost $750 million to amass bitcoin.
Learn extra: Anthony Pompliano Set to Head $750M Bitcoin Funding Automobile: FT
