Anthony Pompliano strikes deal raising over $750 million to create Bitcoin treasury firm
Quick Take
- Involved parties have raised $516.5 million in equity and $235 million in convertible notes, according to a statement.
- The merger should be completed “prior to the end of 2025,” according to an announcement on Monday.
Crypto influencer and investor Anthony Pompliano is officially taking part in the latest trend of creating a company dedicated to accumulating crypto.
Pompliano said on Monday that the "Bitcoin-native financial services firm" ProCap BTC has merged with Columbus Circle Capital Corp. (ticker CCCM) to form ProCap Financial, which plans to acquire up to $1 billion worth of Bitcoin. The firm raised $516.5 million by offering equity and $235 million by selling convertible notes, according to a statement.
This represents "the largest initial fundraise in history for a public bitcoin treasury company," the company claims. The merger should close "prior to the end of 2025," according to the announcement.
Following in the footsteps of Strategy, formerly MicroStrategy, a slew of companies have begun stockpiling crypto. The idea is to buy large amounts of crypto as a treasury holding, offering investors a leveraged play on assets like Bitcoin, Solana, and ETH.
Earlier this month, a report surfaced saying Pompliano was in talks to lead a publicly traded company that would raise money to accumulate Bitcoin.
ProCap Financial said, by leveraging the Bitcoin it buys, it will generate revenue and profit "through a variety of strategies."
"Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings," Pompliano said.
Bitcoin treasury wave
Swan Bitcoin Chief Investment Officer Ben Werkman told The Block that ProCap Financial's move will likely be part of a "sustained wave" of corporate finance looking increasingly at Bitcoin treasury a strategies. Software company Strategy pioneered the crypto treasury model by stockpiling Bitcoin, a move that has caused the value of the company to soar alongside BTC's rising price.
"What began as the bold idea of a single company has quickly become a strategic advantage for many," Werkman said in an email. "A Bitcoin treasury is no longer a fringe expression of conviction, but rather it is becoming a defining strategic shift in response to a rapidly evolving financial landscape."
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