The newly formed ProCap Financial debuts on Nasdaq amid a sharp selloff and rising scrutiny over compensation and treasury-based business models
ProCap BTC, the Bitcoin-focused treasury company led by Anthony Pompliano, has officially completed its merger with SPAC Columbus Circle Capital. The deal transitions the combined entity into ProCap Financial, which will begin trading under the BRR ticker on Nasdaq as invvestor confidence across the sector reaches its lowest point of the year.
The merger closes at a difficult moment for the wave of Bitcoin treasury companies launched in 2025. Most have suffered dramatic valuation declines following their SPAC combinations with several trading more than 90% below their post-merger highs. Names such as KindlyMD and Strive now sit under the $1 mark underscoring the breakdown of the once-popular “corporate Bitcoin accumulation model.
BRR shares had held near their $10 offering price for months, closing at $10.15 on Nov. 28 as some investors hoped the deal would be scrapped. But as approval became certain this week, the stock collapsed more than 50%, ending at $4.36 ahead of ProCap Financial’s debut.
Concerns over generouss compensation packages across the sector have intensified, prompting Pompliano to take public steps toward investor alignment. He announced he will earn $1 per year, with no guaranteed bonuses, and that equity awards will only activate once the stock reaches $15, more than triple its current value. Board members and preferred investors will face similar price-based conditions before receiving equity.
Pompliano said these measures are meant to restore trust at a moment when the Bitcoin treasury model is under pressure, signaling that future gains must be shared with retail shareholders.
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