- ProCap Financial forms through a $1 billion merger between ProCap BTC and SPAC Columbus Circle Capital Corp. I (CCCM).
- Historic $751.5 million raised through $516.5 million equity and $235 million in convertible notes.
- Plans to leverage up to $1 billion in Bitcoin for revenue generation via multiple strategies.
ProCap Financial, a new bitcoin-centric financial services firm, has been established through a $1 billion merger between ProCap BTC and Special Purpose Acquisition Company (SPAC) Columbus Circle Capital Corp. I (CCCM). This landmark deal constitutes the largest initial fundraise for a public bitcoin treasury enterprise to date, with a total of $751.5 million secured—comprising $516.5 million in equity and $235 million in convertible notes.
Significant backing for this venture comes from major institutional and bitcoin-native investors, including Magnetar Capital, Woodline Partners, and Blockchain.com, among others. The strategic financial structuring involves convertible notes that assure a 130% conversion rate, carry a zero percent interest rate, and feature a 36-month maturity period, backed by dual collateralization of cash or Bitcoin.
ProCap Financial aims to maintain a $1 billion Bitcoin holding on its balance sheet, focusing on generating revenue and profits via diverse Bitcoin-based strategies. This innovative approach seeks to address criticisms that corporate Bitcoin holdings lack the ability to produce cash flow by implementing revenue-generating strategies.
The entity will be spearheaded by Anthony Pompliano, a renowned investor with significant experience in the Bitcoin market. The transaction is anticipated to close by the end of 2025, subject to approval by the U.S. Securities and Exchange Commission (SEC) and CCCM shareholders.
