U.S. investor and podcast host Anthony Pompliano has agreed to merge his private firm, ProCap BTC
U.S. investor and podcast host Anthony Pompliano has agreed to merge his private firm, ProCap BTC, with blank-check company Columbus Circle Capital Corp. I in a transaction that values the combined business at up to $1 billion. The new entity, to be called ProCap Financial, is expected to list on Nasdaq under ticker CCCM once the deal receives regulatory and shareholder approvals.
ProCap has already secured more than $750 million in funding, comprising roughly $500 million in preferred equity and $250 million in convertible notes. Management said the proceeds will be deployed immediately to purchase Bitcoin, with a goal of holding as much as $1 billion of the cryptocurrency on the company’s balance sheet.
Unlike earlier Bitcoin-treasury plays that primarily sit on their token holdings, ProCap intends to generate revenue by lending, trading and offering other capital-markets services backed by its Bitcoin reserves. The move deepens a wave of crypto-focused firms using special-purpose acquisition companies to reach public markets, a trend some analysts say is beginning to resemble a bubble.
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