Latest news with #ColumbusCircleCapitalI
Business Recorder
23-06-2025
- Business
- Business Recorder
US investor strikes $1 billion merger to create bitcoin treasury company
BOSTON: US investor and entrepreneur Anthony Pompliano announced on Monday the creation of a new bitcoin treasury company that would hold up to $1 billion of the world's largest cryptocurrency on its balance sheet. Pompliano said in a statement that his financial services firm ProCap BTC would merge with Columbus Circle Capital I, a special purpose acquisition company, to create ProCap Financial, a bitcoin treasury firm. Several public companies have employed bitcoin treasury strategies, which involves allocating a portion of their cash and reserves toward bitcoin, to replicate the success of software company Strategy, which began accumulating bitcoin in 2020 and now holds more than $63 billion worth of the digital token. The trend comes as US President Donald Trump has sought to overhaul cryptocurrency policy, including calls to establish a strategic bitcoin reserve, after courting cash from the industry on the campaign trail. Pompliano, one of the biggest investors in the crypto space over the last several years, said ProCap BTC has raised $500 million in equity and $250 million in a convertible note, in what he termed the largest initial fundraising in history for a bitcoin treasury company. Pakistan allocates 2,000 MW to Bitcoin mining, AI data centers in bold digital economy push Unlike traditional bitcoin treasury companies, Pompliano said ProCap Financial would use its bitcoin balance sheet to generate revenue and profit through a variety of strategies, including lending, derivatives, and other products and services. He also said leading institutional investors Citadel, Susquehanna, Jane Street, and Magnetar have committed capital, as have crypto firms Off the Chain Capital, Pantera, Coinfund, Parafi, and FalconX. Reuters was unable to verify whether these companies were investing in ProCap Financial. 'The legacy financial system is being disrupted by bitcoin right before our eyes,' Pompliano said. '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 sustainable revenue and profits from our bitcoin holdings.'
Irish Independent
19-05-2025
- Business
- Irish Independent
Irish businessman Gary Quin floats $220m Spac on Nasdaq
The Spac, called Columbus Circle Capital I, is backed by a New York-based boutique investment bank, Cohen & Company Capital Markets. At the end of last year, it had $2.3bn of assets under management, primarily in fixed income. Columbus Circle Capital I is eyeing potential investment opportunities across a range of sectors, from artificial intelligence and healthcare to mining. In early 2021, Mr Quin floated another Spac, the North Atlantic Acquisition Corporation, on the stock market in the US, raising almost $400m. However, it later returned all its cash to shareholders after failing to cement a merger deal. Mr Quin joined Cohen & Company in 2023 as a special adviser after his previous tilt at securing a deal for his former Spac fell through. He is currently vice chairman of Cohen & Company and is serving as the chief executive and chairman of the new Spac. Columbus Circle Capital I is using the proceeds of the Nasdaq flotation to target 'attractive and undervalued opportunities' in public and private markets across Europe, the Middle East, Africa and Latin America. It also wants to identify companies that would benefit from redomiciling in the United States, where it says the targets would 'have greater capital access and reach a larger consumer base'. 'We believe that there are ample opportunities in our target industries, which include artificial intelligence and digital infrastructure, sports, media and entertainment, healthcare, energy transition, mining industries and cryptocurrency,' it has told potential investors. 'We believe these opportunities will be ameliorated by the ongoing benefits to global businesses in locating their operations and/or their public listing in the United States.' Mr Quin will own virtually nil-cost founder shares in the Spac, which could mean that he is in a position to reap a significant return if he can cement a deal for the Spac. The firm will have an initial 24 months to do so. It can seek an extension from shareholders if it is unlikely to be able to consummate an investment during that timeframe. Mr Quin is joined on the board of Columbus Circle Capital I by Garrett Curran. He is the former chief executive of Credit Suisse in the UK. Mr Quin worked for Credit Suisse between 2010 and 2019.
