Anthony Pompliano launches a bitcoin treasury firm through a $1 billion merger with special purpose acquisition company Columbus Circle Capital I. The new entity ProCap Financial will operate as a bitcoin treasury firm by using its assets to generate revenue through lending services and other financial activities.
ProCap BTC secured $500 million in equity funding and $250 million in convertible notes during its initial capital raise which Pompliano described as the biggest ever for a bitcoin treasury company. The company follows MicroStrategy’s bitcoin investment strategy yet plans to generate profits from its cryptocurrency assets instead of maintaining passive ownership.
The deal received financial support from institutional investors Citadel and Jane Street and Magnetar and Susquehanna alongside crypto industry players Pantera and CoinFund and FalconX.
The new venture emerges at a time when Washington is changing its policies because President Donald Trump advocates for establishing a strategic bitcoin reserve and strengthening digital asset industry relationships. ProCap aims to establish a risk-managed platform which generates profits from its bitcoin assets while benefiting from future price appreciation according to Pompliano.
