The crypto evangelist Anthony Pompliano has just announced a new project: ProCap Financial. Through a $1 billion SPAC merger between his ProCap BTC and Columbus Circle Capital I (CCCM), his team is launching what could be the largest-ever publicly traded Bitcoin treasury company.
The plan proposes ambitious fundraising of up to $1 billion of Bitcoin and securing it by lending, derivatives, and other financial services. It is a historic move for crypto to enter the public markets, and it comes with the broader institutional interest in Bitcoin.
ProCap Financial Raises Total of $750M
Pompliano’s ProCap BTC has struck a definitive agreement with Columbus Circle Capital I, ProCap BTC, and LLC to create ProCap Financial as a publicly listed entity. The merged entity is aiming to have a balance sheet of $1 billion in Bitcoin.
According to Pompliano, the company has raised $750 million, $516.5 million in preferred equity and $235 million in convertible notes. Interestingly, it is the biggest initial public fundraising in a Bitcoin treasury company.
As opposed to earlier Bitcoin-only treasury plays, ProCap will monetize its treasury through lending, derivatives, and Bitcoin-based services. Bitcoin is disrupting the legacy financial system, and ProCap Financial could be a solution to the increasing demand for Bitcoin-native financial services.
Meanwhile, Institutional giants like Citadel, Susquehanna, Arrington Capital, Anson Funds, Parafi, Magnetar, Pantera, and Blockchain.com are reportedly backing the effort. The deal is projected to be finalized by the end of 2025, pending SEC approval and shareholder votes.
Bitcoin Invades Wall Street
Pompliano’s move is part of a larger wave of SPAC-backed Bitcoin treasury firms entering the market. Notable peers include Twenty One, which plans to debut a treasury holding 42,000 BTC.
It also plans to offer finance and media services built on Bitcoin. Other players, like MicroStrategy, have already built significant Bitcoin holdings, holding over 592,345 BTC thanks to its latest purchase of 245 BTC.
This trend runs parallel to a broader institutional embrace of crypto. Regulatory signals such as the US Senate’s approval of a stablecoin bill and Trump campaign talk of national Bitcoin reserves are fueling the momentum.
Bitcoin Is Not Fully Bullish Yet, Says Analyst
In other news, the flagship cryptocurrency, BTC, is showing positive movement as market sentiment improves. This recovery comes just after US President Donald Trump announced a ceasefire deal between Iran and Israel on his Truth Social platform. The market reacted positively as trading volume and prices shot up.
According to CoinMarketCap statistics, the price of Bitcoin recovered to 106K with potential for more upside as institutional interest rises. However, Crypto Patel, a top expert, believes the current Bitcoin price uptick could be a trap.
He noted that the cryptocurrency has to close above $108,900 and $110,654 to validate a bullish breakout. In the meantime, investors are shorting at $107K-109K, Crypto Patel added.
Conclusion
With ProCap Financial, Anthony Pompliano is pushing the boundaries of Bitcoin adoption. The crypto market is experiencing the rise of a new class: institutional Bitcoin-native firms listed on public markets. Meanwhile, BTC reclaiming the $100k level shows that institutional interest is still high.
