Anthony Pompliano Raises $751M for Bitcoin Treasury Company in Record SPAC Deal

Bitcoin advocate Anthony Pompliano announced Monday that his firm ProCap BTC has secured $751.5 million in financing and agreed to merge with SPAC Columbus Circle Capital Corp. I (NASDAQ: CCCM) to create ProCap Financial, marking the largest initial fundraise in history for a public Bitcoin treasury company.

The combined entity will launch with up to $1 billion in Bitcoin on its balance sheet, positioning it as a major player in the growing Bitcoin treasury space alongside companies like Strategy and Marathon Digital Holdings.

ProCap raised $516.5 million in preferred equity and secured $235 million in convertible notes from institutional and bitcoin-focused investors including Magnetar Capital, Woodline Partners, Anson Funds, Blockchain.com, and Arrington Capital. Industry veterans Mark Yusko, Jason Williams, and Eric Semler also participated in the funding round, the firm said in a statement on Monday.

"The legacy financial system is being disrupted by bitcoin," said Pompliano. "ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors."

The company plans to generate revenue and profits from its bitcoin holdings through various strategies beyond simple treasury accumulation. Pompliano, who has invested in over 300 private companies and built a significant following as a bitcoin commentator, will lead the public company.

In an unusual structure designed to provide immediate bitcoin exposure, ProCap BTC agreed to purchase bitcoin using the $516.5 million in preferred equity proceeds within 15 days of signing the definitive agreements. These bitcoin assets will be held in custody until the merger completes, giving future shareholders exposure to bitcoin price movements rather than waiting for the deal to close.

The $235 million in convertible notes carry a 130% conversion rate, zero interest, and up to 36-month maturity, with 2x collateralization by cash or bitcoin. U.S. Bank will serve as collateral agent and trustee.

Gary Quin, CEO of Columbus Circle Capital, said the SPAC sought "a platform and leader that could develop a transformative organization" and found that in Pompliano's track record as an early bitcoin advocate and investor.

The parties expect to complete the transaction by end of 2025, pending SEC review of registration documents and shareholder approvals. The deal comes as bitcoin treasury strategies gain mainstream adoption, with the digital asset rallying approximately 50% since Donald Trump's election victory in November.

ProCap Financial aims to become "the leading financial services firm at the intersection of bitcoin and traditional finance," competing in a space that has attracted significant institutional interest as companies seek bitcoin exposure through public markets.