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American entrepreneur and investor Anthony Pompliano has announced a $1 billion merger to establish ProCap Financial, a pioneering bitcoin-native financial services firm.
The deal involves a business combination between Pompliano’s private entity, ProCap BTC, LLC, and the special purpose acquisition company (SPAC) Columbus Circle Capital Corp I (NASDAQ: CCCM), Pompliano said on Monday, June 23.
ProCap eyes Bitcoin strategy
According to details in a CNBC report, the transaction is expected to close before the end of 2025, and will see the newly formed company listed on the Nasdaq exchange under the ticker $CCCM.
Pompliano noted via his official X account that he had successfully raised $750 million in initial funding, making this the largest ever such raise for a publicly traded bitcoin treasury company.
The investor added that the substantial capital infusion came from massive support by top institutional investors on Wall Street.
Prominent crypto investors also participated, underscoring the growing confidence in bitcoin as an asset class.
“We are fortunate to have raised this capital from some of the leading institutional investors on Wall Street, along with many of the top crypto investors globally,” Pompliano wrote on X.
ProCap Financial is set to use the funds to buy Bitcoin for its balance sheet.
It will also look to develop products and services that yield revenue and profit from its BTC haul.
Adoption of Bitcoin as treasury asset
ProCap’s move aligns with a broader trend among companies, with Bitcoin adoption as a treasury asset on the rise.
After Strategy’s BTC buying spree that has hit over $41 billion, many companies across the traditional finance and crypto space are scrambling to get into position.
Metaplanet is such a player, but there are even more aggressive approaches taking shape. Cardone Capital, a real estate company, has acquired 1,000 BTC for its Bitcoin strategy.
Trump Media, a company linked to US president Donald Trump that recently revealed a $2.5 billion Bitcoin treasury plan is one of them.
Other plans include the Twenty-One and Nakamoto fund and recently, Tron founder Justin Sun’s quest to flip TRON into a Nasdaq-listed company with BTC on the balance sheet.
Industry reactions to Pompliano’s announcement have been overwhelmingly positive, with comments from Michael Saylor, Bitwise CEO Hunter Horsely and Metaplanet’s Bitcoin strategist Dylan LeClair.
As ProCap Financial prepares for its public debut, the deal signals a potential turning point for bitcoin’s integration into traditional finance, with global markets watching closely.
Bitcoin traded around $101,500 on Monday, back above the psychological level of $100k after sell-off over the weekend pushed it below $99k.
Both Strategy and Metaplanet announced notable BTC purchases.
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