Anthony Pompliano announces the establishment of a new Bitcoin treasury company

U.S. investor Anthony Pompliano has announced the establishment of a new Bitcoin treasury company that would manage up to a $1 billion merger of the digital asset on its balance sheet. He revealed that ProCap BTC will merge with Columbus Circle Capital Corp to create a Bitcoin-native financial service called ProCap Financial. 

He also said the company will be a publicly traded entity on Nasdaq at the conclusion of the proposed merger. The ticker for the firm on the stock exchange right now is CCCM.

Pompliano raises funds through equity and convertible notes

Today I am announcing a $1 BILLION merger to create ProCap Financial, a bitcoin-native financial services.

The company will be a publicly traded entity on Nasdaq at the conclusion of the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle…

— Anthony Pompliano 🌪 (@APompliano) June 23, 2025

American investor and entrepreneur Anthony Pompliano stated that he has raised over $750 million for the initiative, the largest initial fundraising for a publicly traded Bitcoin treasury company. He revealed in the proposed deal that ProCap raised $516.5 million in equity, and ProCap Financial secured commitments for $235 million in convertible notes. 

According to the report, the entities intend for the convertible notes to have an associated 144A CUSIP number on the issue date. They believe the number will facilitate potential post-closing trading amongst QUBIS, but are not expected to be registered or tradeable.

Columbus Circle Capital Corp noted that the convertible notes have a 130% conversion rate, a zero interest rate, and a maturity of up to 36 months. The firm said the convertible notes will be 2x collateralized by cash, cash equivalents, or a portion of the BTC purchased with the proceeds from the merger. U.S. Bank National Trust will serve as collateral agent and trustee for the convertible notes and other associated guarantee arrangements.

Pompliano also highlighted that ProCap BTC agreed to purchase BTC using the funds raised in the Preferred Equity Raise within fifteen days of signing the agreements. He added that the BTC assets will be held in a custodial account until the completion of the deal, providing future shareholders of ProCap Financial with immediate exposure to Bitcoin rather than waiting until after the closing.

“We are fortunate to have raised this capital from some of the leading institutional investors on Wall Street, along with many of the top crypto investors globally. ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors.”

–Anthony Pompliano, U.S. investor.

According to the report, leading investors participating in the deal include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. He also acknowledged that industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Mattei Franceschetti participated as well.

Pompliano said ProCap Financial will focus on acquiring BTC for its balance sheet. He also said it will develop products and services to generate revenue and profit from Bitcoin on the firm’s balance sheet.

CEO of CCCM, Gary Quin, mentioned that Antony’s track record as an innovative investor, operator, and early advocate in the Bitcoin ecosystem drew him to the partnership. He said the firm believes in Pompliano’s deep expertise and hopes his relentless conviction will help continue transforming the crypto industry.

Shareholders receive newly issued shares of ProCap Financial

ProCap BTC revealed that former security holders of CCCM and former unitholders of ProCap BTC will receive newly-issued securities of ProCap Financial as consideration in the business deal. According to the company, the number of ProCap Financial shares issuable to the holders at closing will depend on the value of the BTC measured as of a day shortly before the closing.

The number of shares will also include holders who are investors in the equity raise. The company said the holders will receive ProCap shares representing 1.25 times the number of preferred units delivered to them upon consummation of the equity raise.

Before the merger, the agreement was approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the deal include the proposal and its terms getting approved by the requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

Pompliano said the merger is expected to be finalized before the end of 2025, after the submission for review by the U.S. Securities and Exchange Commission of a registration of Form S-4. The registration is to register applicable securities by ProCap Financial upon finalizing the proposed business combination.

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