ProCap’s Bold Move:$750M SPAC Merger and a Billion-Dollar Bitcoin Treasury
- Keyword Financial
- Jun 23
- 3 min read
Introduction
Anthony Pompliano, a well-known crypto entrepreneur and podcaster, has raised $750 million to take his company, ProCap, public in the United States through a merger with Columbus Circle Capital Corp, a special purpose acquisition company (SPAC). After the merger, the new entity, ProCap Financial Inc., will debut with $1 billion in Bitcoin on its balance sheet. Pompliano stated that the company’s strategy will focus on acquiring Bitcoin and developing products and services that generate revenue and profit from its Bitcoin holdings over time.
The $750 million raised for the deal includes $516.5 million in equity and $235 million in convertible notes, with backing from notable crypto industry players such as FalconX, Blockchain.com, and Eric Semler of Semler Scientific. Once public, ProCap Financial will join the ranks of other major public companies holding significant amounts of Bitcoin, a model popularized by MicroStrategy. With $1 billion in Bitcoin, ProCap would become the eighth-largest public holder of the cryptocurrency, surpassing Coinbase’s current holdings.
This move is part of a broader trend of crypto-related companies seeking to go public amid strong market interest. Other firms, such as Twenty One Capital and Tron, are also planning public listings via SPAC mergers or reverse mergers. These companies aim to capitalize on the growing appetite for crypto exposure on Wall Street, following the successful public debut of Circle Internet Group, whose shares have surged since its IPO.
