Anthony Pompliano's Ambitious $1B Merger with ProCap Financial
Deal News | Jun 23, 2025 | Globenewswire
In a landmark deal, Anthony Pompliano has announced the merger of ProCap BTC, LLC, a bitcoin-native financial services firm, with Columbus Circle Capital Corp. I, a SPAC backed by Cohen & Company. The merger will result in the formation of ProCap Financial, Inc., with intentions to hold up to $1 billion in bitcoin. This business combination has raised a colossal $516.5 million in equity and $235 million in convertible notes, marking the largest initial fundraise in history for a public bitcoin treasury company. The agreement includes several major institutional and bitcoin investors contributing to the financing. The merger is projected to close by the end of 2025 and expects to disrupt traditional financial services by merging the realms of bitcoin and traditional finance. ProCap Financial, which will be publicly listed, will be led by Pompliano, focusing on generating revenue through strategic bitcoin investments.
Sectors
- Financial Services
- Cryptocurrency
- Investment Banking
Geography
- United States – The article discusses US-based companies and financial activities, highlighting a major transaction in the US financial landscape.
- Cayman Islands – Columbus Circle Capital Corp. I is incorporated in the Cayman Islands, reflecting its jurisdictional relevance to the transaction.
Industry
- Financial Services – The merger involves financial services companies focusing on the integration of bitcoin with traditional finance services.
- Cryptocurrency – ProCap Financial plans to use bitcoin strategically and aims to be a leader in bitcoin-native financial solutions.
- Investment Banking – Involvement of SPAC and investment banks indicates active participation in capital markets and mergers.
Financials
- $516.5 million – Raised in equity in a private placement as part of the merger.
- $235 million – Secured through convertible notes in a private placement.
- $1 billion – Total expected amount for bitcoin purchases on ProCap Financial's balance sheet.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Anthony Pompliano | CEO of ProCap Financial | People | An American investor and entrepreneur leading the merger to form ProCap Financial. |
| ProCap BTC, LLC | Target Company | Companies | A bitcoin-native financial services firm merging to become ProCap Financial. |
| Columbus Circle Capital Corp. I | SPAC and Merging Partner | Companies | A SPAC sponsoring the merger with ProCap BTC to form ProCap Financial. |
| Cohen & Company, Inc. | Sponsor of the SPAC | Companies | The company sponsoring the SPAC that facilitates the merging process. |
| Magnetar Capital, Woodline Partners LP, Anson Funds, and others | Investors | Companies | Leading institutional and bitcoin-native investors participating in the financing. |
| Reed Smith LLP, Ellenoff Grossman & Schole LLP, Morgan, Lewis & Bockius LLP | Legal Advisors | Companies | Providing legal advisory services for the merger and transactions. |