Crypto investor and entrepreneur Anthony Pompliano is entering the public markets with a bold new venture centered around Bitcoin accumulation.
On Monday, Pompliano announced the merger of ProCap BTC, a Bitcoin-native financial services firm, with Columbus Circle Capital Corp. (NASDAQ: CCCM), a special purpose acquisition company (SPAC), to form a new entity: ProCap Financial, Inc.
Building a Bitcoin-Native Financial Platform
The new firm intends to become a dedicated Bitcoin treasury and financial services company. According to the announcement, ProCap Financial has already raised $516.5 million through equity and an additional $235 million via convertible notes, bringing total capital raised to over $750 million.
Once the business combination is finalized, ProCap aims to deploy up to $1 billion to acquire Bitcoin for its balance sheet, claiming the capital raise as the largest initial fundraise ever for a public BTC treasury-focused entity.
ProCap Financial will operate under Pompliano’s leadership with a dual mandate: accumulate Bitcoin and build revenue-generating products that leverage those holdings.
According to the company’s statement, the platform will pursue “risk-mitigated solutions” designed to produce profits from its BTC holdings. These may include lending, custody, and other services that bridge Bitcoin-native infrastructure with traditional financial systems.
The firm is positioning itself in a growing trend of companies that use Bitcoin as a core asset on their balance sheets, an approach popularized by firms like MicroStrategy now known as Strategy.
Pompliano emphasized that the legacy financial system is undergoing significant change, and ProCap is looking to meet the growing demand for BTC-centered financial services from institutional and sophisticated investors.
Major Backers and Strategic Vision
The ProCap venture has attracted backing from a mix of institutional and crypto-native investors. Participants in the raise include Magnetar Capital, Woodline Partners LP, Anson Funds, Blockchain.com, Arrington Capital, Parafi, Off the Chain Capital, and FalconX, along with individuals like Mark Yusko, Jason Williams, and Eric Semler.
Gary Quin, CEO of CCCM, said the decision to partner with Pompliano stemmed from his proven track record and leadership in the digital asset space. “Anthony’s expertise and conviction make him well suited to build a transformative organization in this evolving sector,” Quin noted in the announcement.
With a target close before the end of 2025, ProCap Financial is setting up to be a key player in the intersection of Bitcoin and public markets.
The move follows a broader trend of Special Purpose Acquisition Company (SPAC) activity in the crypto sector, offering a path for new financial products and services built around digital assets to reach institutional markets at scale.
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