Crypto-Backed SPAC Merger to Launch ProCap Financial on Public Markets
Crypto entrepreneur Anthony Pompliano has raised $750 million to take his digital asset firm ProCap public via a SPAC merger with Columbus Circle Capital Corp. Once the deal is complete, the combined company will debut as ProCap Financial Inc., with $1 billion in Bitcoin on its balance sheet.
The merger is expected to close before the end of 2025, making ProCap one of the largest public Bitcoin-holding firms.
Pompliano confirmed the news on social platform X, stating that ProCap will focus on acquiring Bitcoin, while developing revenue-generating products and services based on its BTC treasury.
Deal Structure and Investors
The transaction includes $516.5 million in equity funding and $235 million in convertible notes, totaling over $750 million in capital raised.
Backers include major crypto and fintech firms such as:
- FalconX
- Blockchain.com
- Eric Semler, chairman of Semler Scientific — another Bitcoin-focused public company
ProCap’s plan to hold $1 billion in Bitcoin would rank it 8th among public firms, surpassing Coinbase’s 9,267 BTC reserve.
A New Wave of Bitcoin-Treasury Public Firms
ProCap follows the model pioneered by MicroStrategy, which holds the largest BTC treasury of any company — over 592,000 BTC worth more than $62 billion. Pompliano aims to join the growing list of public firms adopting a Bitcoin-native balance sheet model.
This approach reflects a broader shift, where companies are using Bitcoin not only as a store of value but also to attract institutional interest.
ProCap’s launch will position it alongside GameStop, Trump Media, and others who have either started or announced large BTC purchases.
Crypto IPO Momentum Builds
The ProCap-SPAC merger is part of a wider surge in crypto IPOs:
- Twenty One Capital, led by Strike’s Jack Mallers, plans to go public via Cantor Fitzgerald’s SPAC.
- Tron, the blockchain platform, is also going public through a reverse merger and pledging $210 million in TRX investment.
These moves follow the successful IPO of Circle, whose stock has climbed over 670% since its June debut, signaling robust market demand for crypto-native public offerings.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.