Anthony Pompliano’s cryptocurrency business, ProCap, has accumulated a whopping $750 million towards its goal of going public in the United States. This has been achieved through a merger with Columbus Circle Capital Corp, a blank-check company.
The resulting entity, ProCap Financial Inc., will boast an impressive $1 billion in Bitcoin (BTC) on its balance sheet post-merger. The companies announced this on Monday, adding that they expect the merger to be finalized by the end of the year.
Pompliano, who will steer ProCap Financial when it goes public, stated that the company’s primary objective will be to acquire more Bitcoin for its balance sheet. In addition, ProCap plans to create innovative products and services designed to generate revenue and profit from the Bitcoin it holds.
The Financial Times reported on June 13 that Columbus Circle Capital Corp, a Special Purpose Acquisition Company (SPAC), will take Pompliano’s ProCap public. The companies revealed that they raised over $750 million for the deal, consisting of $516.5 million in equity and $235 million in convertible notes.
Backing the raise were crypto brokerage FalconX, Blockchain.com (a cryptocurrency financial services firm), and Eric Semler, chair of medical company and Bitcoin buyer Semler Scientific, among others.
ProCap Financial is set to join the ranks of public companies holding Bitcoin, a trend originally sparked by software firm Strategy (previously named MicroStrategy), which possesses the largest Bitcoin holdings of any company, amounting to 592,345 BTC worth $62.3 billion.
ProCap’s plan to secure $1 billion in Bitcoin would position its holdings as the eighth largest among public companies, displacing current holder Coinbase, which owns 9,267 BTC valued at nearly $974 million, according to Bitbo data.
Other companies, including Twenty One Capital, a Bitcoin-focused markets infrastructure firm led by Strike founder Jack Mallers, and Justin Sun’s cryptocurrency platform Tron, are also planning to go public via SPAC mergers as the market appetite for crypto-related offerings continues to grow.
