Anthony Pompliano has announced a $1 billion merger to create ProCap Financial through SPAC Columbus Circle Capital I, securing over $750 million in initial funding for its bitcoin treasury, representing a record for public bitcoin-focused companies.
The merger agreement between ProCap BTC and NASDAQ-listed Columbus Circle Capital I includes $516.5 million in equity and $235 million in convertible notes, bringing total initial funding to over $750 million. The fundraising round attracted major institutional and bitcoin-native investors including Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, and Blockchain.com, whilst convertible notes offer a 130% conversion rate with zero interest, maturing in up to 36 months.
ProCap Financial will focus on bitcoin-native financial services for institutional clients, including bitcoin-denominated lending, trading, and capital markets services. The merger is expected to close by year-end 2025 following US Securities and Exchange Commission reviews and shareholder approvals, with ProCap purchasing bitcoin for its balance sheet within fifteen days of signing definitive agreements. The record-breaking $750 million fundraise and potential $1 billion bitcoin balance sheet represents a significant milestone in integrating bitcoin with public financial markets, reflecting rising institutional demand for bitcoin exposure and establishing a new standard for public bitcoin treasury companies.
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Helen Partz
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