Prominent crypto investor Anthony Pompliano is taking his digital asset firm, ProCap, public in the U.S. through a $750 million merger with blank-check company Columbus Circle Capital Corp., the companies announced June 23.
The combined entity, to be renamed ProCap Financial Inc., is expected to debut on the public markets with a massive $1 billion worth of Bitcoin (BTC) on its balance sheet. The SPAC deal is anticipated to close before the end of 2025.
Pompliano, who will serve as CEO of the new public firm, said in a post on X that ProCap Financial aims to “acquire bitcoin for its balance sheet” and build “products and services to generate revenue and profit from that bitcoin over time.”
Today I am announcing a $1 BILLION merger to create ProCap Financial, a bitcoin-native financial services.
The company will be a publicly traded entity on Nasdaq at the conclusion of the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle…
— Anthony Pompliano 🌪 (@APompliano) June 23, 2025
The $750 million raise comprises $516.5 million in equity and $235 million in convertible notes. Notable backers include crypto brokerage FalconX, Blockchain.com, and Eric Semler, chair of both a medical company and Semler Scientific, a Bitcoin-holding firm.
By launching with $1 billion in Bitcoin holdings, ProCap Financial would rank as the eighth-largest public holder of BTC, surpassing Coinbase’s current stash of 9,267 BTC (approximately $974 million). It would join a growing list of companies holding substantial Bitcoin reserves, a strategy pioneered by MicroStrategy, which currently holds over 592,000 BTC valued at $62.3 billion, according to BitBo data.
ProCap’s public debut follows a broader trend of crypto-related firms tapping into public markets amid renewed investor interest. Circle Internet Group, the issuer of USDC stablecoin, went public on June 5 and has seen its shares surge over 670% since.
Several other crypto firms are also racing to go public. Twenty One Capital, led by Strike founder Jack Mallers, is pursuing a SPAC merger with Cantor Equity Partners. Meanwhile, Justin Sun’s Tron is undergoing a reverse merger with Nasdaq-listed SRM Entertainment, which will rebrand as Tron Inc. and inject $210 million into the TRX token.
With growing institutional appetite and market optimism, ProCap Financial’s public listing underscores the maturing intersection between traditional finance and the digital asset sector.
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