ProCap BTC to Merge with Columbus Circle Capital in $1 Billion SPAC Deal
Anthony Pompliano is merging his bitcoin financial platform ProCap BTC with Columbus Circle Capital Corp. (CCCM), a SPAC, in a deal valued at $1 billion. Key points include:
- The new entity will be called ProCap Financial, Inc., aiming to create one of the largest public bitcoin treasuries.
- ProCap raised $550 million in preferred equity and $225 million in convertible notes, marking the largest initial fundraise for a public bitcoin treasury company.
- The strategy includes generating profit through yield-generating strategies while holding BTC.
- The merger values ProCap at up to $1 billion, contingent on the final bitcoin purchase price at closing.
- Assets will be custodied until the transaction completes, offering near-instant BTC exposure to investors.
- The deal is expected to finalize by the end of 2025, subject to SEC review and shareholder approval.
Pompliano is set to become CEO of ProCap BTC, with plans to acquire more bitcoin.