Famous cryptocurrency advocate and investor Anthony Pompliano's Bitcoin (BTC) financial services company, ProCap BTC, has announced plans to go public through a merger with a special purpose acquisition company (SPAC), Columbus Circle Capital Corporation.
After the merger, the company will be named ProCap Financial. The company aims to establish itself as a key player in the Bitcoin market by increasing its BTC reserves to $1 billion.
Anthony Pompliano Pushes for $1 Billion Bitcoin Reserve
According to the official press release, the merger has raised over $750 million in capital and convertible bonds. The funds were raised through private placement from major institutional investors and Bitcoin-focused funds.
ProCap BTC raised $516.5 million by selling non-voting preferred shares. ProCap Financial has secured a commitment of $235 million for senior secured convertible bonds.
"As part of the business combination, I have raised over $750 million. This is the largest initial fundraise in history for a public Bitcoin treasury company. We were able to raise this capital from major institutional investors on Wall Street and the world's best cryptocurrency investors." – Anthony Pompliano, Chairman of ProCap Financial
ProCap Financial plans to list on Nasdaq, pending approval from the U.S. Securities and Exchange Commission (SEC). The transaction is expected to be completed by the end of 2025.
Known for his bullish stance on Bitcoin and extensive influence in the cryptocurrency space, Pompliano will serve as the chairman of ProCap Financial. Beyond simply accumulating BTC, the company plans to develop products and services that generate revenue and profits through Bitcoin.
However, specific details about these revenue generation strategies have not yet been disclosed. Pompliano recently explained in a video that while many Bitcoin treasury companies have emerged recently, this model still has room for improvement.
"The slogan of ProCap Financial is simple: Bitcoin is the new hurdle rate." – Anthony Pompliano, Chairman of ProCap Financial
This development follows the trend of increasing institutional interest in Bitcoin. In April, Cantor Fitzgerald took a similar initiative by establishing Twenty-One Capital through partnerships with SoftBank, Tether, and Bitfinex. The following month, Trump Media and Technology Group raised around $2.5 billion for a Bitcoin reserve strategy.
Meanwhile, this trend is spreading beyond the United States. From Latin America to the Middle East, companies are increasingly adding Bitcoin as an asset. This highlights growing confidence in Bitcoin's potential as a store of value and foundation for financial innovation.
