Anthony Pompliano, renowned investor and bitcoin advocate, has announced a landmark $1 billion merger to create ProCap Financial, a bitcoin-focused financial services company. This new entity emerges from the combination of Pompliano’s ProCap BTC and Columbus Circle Capital Corp. I (CCCM), a special purpose acquisition company sponsored by Cohen & Company. ProCap Financial plans to hold up to $1 billion in bitcoin on its balance sheet, positioning it as one of the largest publicly traded bitcoin treasury firms.
The merger deal includes a record-breaking initial fundraising round, with ProCap raising $516.5 million in preferred equity and $235 million in convertible notes, totaling over $750 million. This is the largest initial capital raise ever recorded for a public bitcoin treasury company. Prominent institutional and bitcoin-native investors such as Magnetar Capital, Blockchain.com, and Arrington Capital participated, alongside industry veterans like Mark Yusko and Jason Williams.
Unlike traditional bitcoin treasury companies that primarily hold bitcoin as a reserve asset, ProCap Financial aims to actively generate revenue and profits by leveraging its bitcoin holdings through diverse financial strategies. These include lending, derivatives, and other yield-generating services, effectively bridging the gap between digital assets and conventional finance. Pompliano emphasized that ProCap Financial is designed to meet the growing demand for bitcoin-native financial services among sophisticated investors, disrupting the legacy financial system with innovative bitcoin-based solutions.
The merger is expected to close by the end of 2025, pending regulatory and shareholder approvals. Upon closing, ProCap Financial will be publicly listed on NASDAQ under the ticker CCCM, offering investors immediate exposure to bitcoin through its structured financing transactions. Pompliano, who has invested in over 300 private companies, will lead the company as CEO, steering it toward becoming a leading financial institution at the intersection of bitcoin and traditional markets.
This development marks a significant milestone in the evolution of bitcoin treasury firms, signaling a shift from passive bitcoin holding to active financial services built on bitcoin’s foundation.
