Crypto investor and monetary influencer Anthony Pompliano’s Bitcoin-native monetary service firm has made plans to go public through a special-purpose acquisition firm (SPAC).
ProCap BTC will merge with Columbus Circle Capital Corp. I, a SPAC affiliated with monetary companies agency Cohen & Firm Inc, based on a assertion from Columbus Circle on Monday. As a part of the settlement, the brand new firm shaped via the merger—ProCap Monetary—will likely be headed by Pompliano, and set up a treasury with as much as $1 billion in Bitcoin as soon as the merger closes. The Bitcoin treasury will likely be used to generate income and revenue via numerous methods, based on the assertion, though it didn’t disclose precisely what these could be.
ProCap Monetary plans to listing on the Nasdaq after gaining regulatory approval from the Securities and Change Fee, Constantine Karides, chief authorized counsel on the deal, instructed Fortune.
“Our goal is to develop a platform that won’t solely purchase Bitcoin for our stability sheet, however can even implement risk-mitigated options to generate income and earnings from our Bitcoin holdings,” Pompliano mentioned in an announcement.
Forward of the merger, ProCap BTC and Columbus Circle Capital Corp. have raised greater than $750 million in fairness and debt financing from buyers, together with crypto prime brokerage FalconX, monetary companies firm Blockchain.com, and funding firm Off The Chain Capital.
The merger announcement together with its crypto funding ambitions comes as a rising variety of corporations transfer to determine their very own Bitcoin treasury. The pattern was pioneered by Michael Saylor’s Technique, previously Microstrategy, a veteran software program firm that pivoted to Bitcoin shopping for in 2020. Since then, the corporate has acquired almost 600,000 Bitcoins, value over $60 billion at its present value. Over the previous 5 years, Technique’s inventory value has elevated greater than 3,000% as the worth of Bitcoin continues to understand.
In April, Cantor Fitzgerald introduced a plan to make use of a SPAC to create a Bitcoin acquisition firm known as Twenty One Capital in partnership with three different corporations. Final month, the corporate behind President Donald Trump’s social media platform Fact Social, Trump Media and Expertise Group, introduced a plan to purchase $2.5 billion value of Bitcoin. Even GameStop, the embattled online game retailer, has pivoted its funding technique to incorporate Bitcoin acquisitions.
