Anthony Pompliano, investor and podcast host, is raising $750 million to take his Bitcoin platform ProCap public via a SPAC merger.
Deal Structure: How ProCap Goes Public
The deal, announced on Monday, will merge ProCap Financial with Columbus Circle Capital Corp through a SPAC. The financing includes $750 million, consisting of $516.5 million in equity and $235 million in convertible notes. Notably, ProCap plans to invest all $516.5 million to buy Bitcoin within 15 days of signing.
The SPAC Comeback: Why Crypto Loves Them
SPACs, or Special Purpose Acquisition Companies, have made a comeback in 2025 after a two-year hiatus. SPAC deals provide crypto firms a shortcut to public markets, sidestepping lengthy and costly IPO procedures. ProCap's transaction is the largest for a publicly listed company with a Bitcoin treasury to date.
Regulatory Hurdles and Listing-Day Valuation
Despite the enthusiasm, the deal is under significant regulatory scrutiny. It is expected to finalize in 2025, pending shareholder and SEC approval. Given the current Bitcoin price, ProCap's market capitalization could match or exceed that of traditional financial institutions.
Pompliano's SPAC deal with ProCap marks a significant step towards Bitcoin's acceptance in public markets, but its success depends on regulatory conditions and the company's ability to generate profit from its assets.
