Anthony Pompliano, a well-known Bitcoin supporter and former Facebook employee, is taking his financial services company, ProCap BTC, public through a major deal. The company will merge with a special-purpose acquisition company (SPAC) called Columbus Circle Capital Corp. I. This move will allow ProCap to become a publicly traded firm focused on Bitcoin.
ProCap plans to hold up to $1 billion worth of Bitcoin as part of its core strategy. Rather than merely holding the Bitcoin, the company wants to employ it in one way or another to make money, for instance, through lending or other yield-generating crypto services.
To fund its operations and Bitcoin purchases, the firm raised $516.5 million through non-voting preferred units in a private placement. Additionally, the combined company secured commitments for $235 million in zero-coupon convertible bonds.
Pompliano says the deal has backing from both the Bitcoin community and traditional finance firms. Investors include Magnetar Capital, Woodline Partners, Anson Funds, and Blockchain.com. The SPAC they’re merging with raised $250 million in its own IPO in May 2025. A separate blank-check company led by Pompliano also raised $250 million, showing strong investor interest.
This move follows the model set by MicroStrategy’s Michael Saylor, whose company is the largest public holder of Bitcoin. Other firms, like Twenty One Capital and Strive Asset Management, are also using similar strategies by becoming public Bitcoin treasury companies.
The deal is expected to close before the end of 2025. Once done, ProCap Financial Inc. will become one of the largest public companies focused on holding and profiting from Bitcoin.
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