Latest news with #Pompliano
Yahoo
23-06-2025
- Business
- Yahoo
Anthony Pompliano strikes deal to create publicly-traded Bitcoin treasury company
Crypto investor and financial influencer Anthony Pompliano's Bitcoin-native financial service company has made plans to go public via a special-purpose acquisition company (SPAC). ProCap BTC will merge with Columbus Circle Capital Corp. I, a SPAC affiliated with financial services firm Cohen & Company Inc, according to a statement from Columbus Circle on Monday. As part of the agreement, the new company formed through the merger—ProCap Financial—will be headed by Pompliano, and establish a treasury with up to $1 billion in Bitcoin once the merger closes. The Bitcoin treasury will be used to generate revenue and profit through various strategies, according to the statement, although it did not disclose exactly what those would be. ProCap Financial plans to list on the Nasdaq after gaining regulatory approval from the Securities and Exchange Commission, Constantine Karides, chief legal counsel on the deal, told Fortune. '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 in a statement. Ahead of the merger, ProCap BTC and Columbus Circle Capital Corp. have raised more than $750 million in equity and debt financing from investors, including crypto prime brokerage FalconX, financial services company and investment company Off The Chain Capital. The merger announcement along with its crypto investment ambitions comes as a growing number of companies move to establish their own Bitcoin treasury. The trend was pioneered by Michael Saylor's Strategy, formerly Microstrategy, a veteran software company that pivoted to Bitcoin buying in 2020. Since then, the company has acquired nearly 600,000 Bitcoins, worth over $60 billion at its current price. Over the past five years, Strategy's stock price has increased more than 3,000% as the value of Bitcoin continues to appreciate. In April, Cantor Fitzgerald announced a plan to use a SPAC to create a Bitcoin acquisition company called Twenty One Capital in partnership with three other companies. Last month, the company behind President Donald Trump's social media platform Truth Social, Trump Media and Technology Group, announced a plan to buy $2.5 billion worth of Bitcoin. Even GameStop, the embattled video game retailer, has pivoted its investment strategy to include Bitcoin acquisitions. This story was originally featured on
Yahoo
23-06-2025
- Business
- Yahoo
Anthony Pompliano's ProCap to Go Public in $1B Bitcoin Treasury SPAC Deal
Anthony Pompliano is taking his bitcoin-native financial platform ProCap BTC public through a $1 billion merger with Columbus Circle Capital Corp. I (CCCM), a special-purpose acquisition company (SPAC) sponsored by an affiliate of Cohen & Company. The transaction, announced Monday, positions the new entity, ProCap Financial, Inc., as one of the largest bitcoin treasuries ever to hit public markets. In what's being called the largest initial fundraise for a public bitcoin BTC treasury company to date, ProCap raised $550 million in preferred equity and secured $225 million in convertible notes, giving future shareholders immediate exposure to bitcoin through a structure designed to acquire BTC ahead of the deal's close. Led by Pompliano, a well-known investor and vocal bitcoin advocate, ProCap aims to operate at the intersection of digital assets and traditional finance. The company plans to generate profit not just by holding BTC but by actively deploying its bitcoin balance sheet across yield-generating strategies that mitigate risk and capitalize on crypto-financial infrastructure. "The legacy financial system is being disrupted by bitcoin," Pompliano said in a statement. "ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors." The merger values the combined entity at up to $1 billion, depending on the final bitcoin purchase price at closing. ProCap's BTC assets will be custodied until the transaction completes, giving investors near-instant BTC exposure without waiting for the company to go public. The transaction is expected to close before the end of 2025, pending SEC review and shareholder approval. The Financial Times first reported that Pompliano was set to become the CEO of ProCap BTC, and that the company was planning to raise $750 million to acquire (June 23, 14:40 UTC): Updates photo.
Yahoo
23-06-2025
- Business
- Yahoo
Wall Street Just Backed a $1B Bitcoin Power Play
Anthony Pompliano is making his biggest play yet. His financial firm, ProCap BTC, is merging with Columbus Circle Capital Corp. I (NASDAQ:CCCM)an SPAC sponsored by a Cohen & Co. subsidiaryto go public and pursue what could be a billion-dollar Bitcoin (BTC-USD) treasury strategy, that could reach up to $1 billion, if fully deployed.. The transaction is backed by $516.5 million in non-voting preferred units via private placement and $235 million in zero-coupon convertible bonds. If completed, the listingslated for before the end of 2025could mark one of the largest institutional Bitcoin holdings outside of Strategy (NASDAQ:MSTR). This move isn't happening in a vacuum. Pompliano is following a path paved by Michael Saylor, whose firm sits on over $60 billion in Bitcoin. He's not alone. In April, Twenty One Capitalbacked by Tetherlocked in $585 million through a SPAC merger with Cantor Equity Partners. And in May, Strive Asset Management, co-founded by Vivek Ramaswamy, signed a reverse merger with Asset Entities Inc. to form another Bitcoin treasury company, with PIPE funding that could raise up to $1.5 billion. What makes Pompliano's push different is the bridge he's buildingbetween Bitcoin's diehards and Wall Street's power players. We feel very fortunate to have the support of both the Bitcoin community and the traditional Wall Street players, he told Bloomberg. The investor list proves it: Magnetar Capital, Woodline Partners LP, Anson Funds, and are in. With a media presence reaching millions, Pompliano may be positioning ProCap BTC as more than just another crypto playit could be Wall Street's next high-conviction bet on digital gold. This article first appeared on GuruFocus.
Yahoo
23-06-2025
- Business
- Yahoo
Wall Street Just Backed a $1B Bitcoin Power Play
Anthony Pompliano is making his biggest play yet. His financial firm, ProCap BTC, is merging with Columbus Circle Capital Corp. I (NASDAQ:CCCM)an SPAC sponsored by a Cohen & Co. subsidiaryto go public and pursue what could be a billion-dollar Bitcoin (BTC-USD) treasury strategy, that could reach up to $1 billion, if fully deployed.. The transaction is backed by $516.5 million in non-voting preferred units via private placement and $235 million in zero-coupon convertible bonds. If completed, the listingslated for before the end of 2025could mark one of the largest institutional Bitcoin holdings outside of Strategy (NASDAQ:MSTR). This move isn't happening in a vacuum. Pompliano is following a path paved by Michael Saylor, whose firm sits on over $60 billion in Bitcoin. He's not alone. In April, Twenty One Capitalbacked by Tetherlocked in $585 million through a SPAC merger with Cantor Equity Partners. And in May, Strive Asset Management, co-founded by Vivek Ramaswamy, signed a reverse merger with Asset Entities Inc. to form another Bitcoin treasury company, with PIPE funding that could raise up to $1.5 billion. What makes Pompliano's push different is the bridge he's buildingbetween Bitcoin's diehards and Wall Street's power players. We feel very fortunate to have the support of both the Bitcoin community and the traditional Wall Street players, he told Bloomberg. The investor list proves it: Magnetar Capital, Woodline Partners LP, Anson Funds, and are in. With a media presence reaching millions, Pompliano may be positioning ProCap BTC as more than just another crypto playit could be Wall Street's next high-conviction bet on digital gold. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
23-06-2025
- Business
- The Star
US investor strikes $1 billion merger to create bitcoin treasury company
FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo BOSTON (Reuters) -U.S. 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 financialservices 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 U.S. 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. 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 companieswere 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." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Saad Sayeed)
