4 hours ago
Anthony Pompliano is taking his bitcoin-native fiscal level ProCap BTC nationalist done a $1 cardinal merger with Columbus Circle Capital Corp. I (CCCM), a special-purpose acquisition institution (SPAC) sponsored by an affiliate of Cohen & Company.
The transaction, announced Monday, positions the caller entity, ProCap Financial, Inc., arsenic 1 of the largest bitcoin treasuries ever to deed nationalist markets.
In what’s being called the largest archetypal fundraise for a nationalist bitcoin BTC treasury institution to date, ProCap raised $550 cardinal successful preferred equity and secured $225 cardinal successful convertible notes, giving aboriginal shareholders contiguous vulnerability to bitcoin done a operation designed to get BTC up of the deal's close.
Led by Pompliano, a well-known capitalist and vocal bitcoin advocate, ProCap aims to run astatine the intersection of integer assets and accepted finance.
The institution plans to make nett not conscionable by holding BTC but by actively deploying its bitcoin equilibrium expanse crossed yield-generating strategies that mitigate hazard and capitalize connected crypto-financial infrastructure.
"The bequest fiscal strategy is being disrupted by bitcoin," Pompliano said successful a statement. "ProCap Financial represents our solution to the expanding request for bitcoin-native fiscal services among blase investors."
The merger values the combined entity astatine up to $1 billion, depending connected the last bitcoin acquisition terms astatine closing. ProCap’s BTC assets volition beryllium custodied until the transaction completes, giving investors near-instant BTC vulnerability without waiting for the institution to spell public.
The transaction is expected to adjacent earlier the extremity of 2025, pending SEC reappraisal and shareholder approval.
The Financial Times archetypal reported that Pompliano was acceptable to go the CEO of ProCap BTC, and that the institution was readying to rise $750 cardinal to get bitcoin.
Read more: Anthony Pompliano Set to Head $750M Bitcoin Investment Vehicle: FT
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