Global law firm Reed Smith LLP has announced its role as legal counsel to ProCap BTC, a bitcoin-native financial services company, in a landmark $1 billion business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a special purpose acquisition company (SPAC).
The merged entity will operate under the name ProCap Financial, Inc., and is positioned to become a leading institution at the intersection of Bitcoin and traditional finance.
$CCCM Reed Smith Advises Anthony Pompliano’s ProCap BTC in $1 Billion Business Combination with Columbus Capital Corp. Ihttps://t.co/uGrP1hwZJu
— Lycanbull (@Lycanbull) June 26, 2025
The transaction represents the largest initial capital raise ever for a Bitcoin treasury company preparing to go public, with over $750 million secured from a mix of institutional and crypto-native investors. The funding structure includes $516.5 million in preferred equity, funded upon the signing of definitive documents, and $235 million in senior secured convertible notes, expected to be finalized upon deal closure.
What sets the deal apart is its immediate integration of bitcoin into the treasury strategy. Under the agreement, ProCap BTC is obligated to convert equity proceeds into bitcoin within 15 days, offering investors direct exposure to the digital asset—underscoring the firm’s conviction in BTC as a strategic reserve asset.
Reed Smith led the legal advisory on the transaction, with Constantine Karides, Chair of the firm’s Crypto and Digital Assets Group, heading the deal team alongside partners Katherine Geddes and Lynwood Reinhardt. Karides emphasized the significance of the merger, stating,
“This deal reflects a broader shift—bitcoin is no longer viewed as speculative. It’s a core component of forward-thinking financial strategies.”
The announcement adds to Reed Smith’s growing track record in high-profile digital asset transactions. The firm previously advised on Trump Media’s $2.5 billion bitcoin treasury initiative and the KindlyMD–Nakamoto Holdings merger, both of which were designed to institutionalize bitcoin in public company treasuries. With this latest advisory, Reed Smith further cements its position as a legal leader in the evolving intersection of blockchain, finance, and compliance.
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