Pompliano Aims to Raise $750 Million for Bitcoin Investment Vehicle

Anthony Pompliano, co-founder of Morgan Creek Digital Assets and a prominent crypto influencer, is preparing to launch a new Bitcoin-focused investment vehicle called ProCapBTC. This new entity aims to raise $750 million through a merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC). The fundraising effort includes $500 million in fresh equity commitments and $250 million in convertible debt.

The merger with Columbus Circle Capital 1, which went public in May with backing from an investment bank, is expected to be finalized soon. The deal’s terms have not been finalized but could be announced as early as next week. This move follows Pompliano’s successful listing of ProCap Acquisition, another SPAC focused on the financial technology sector, which debuted on the Nasdaq in April and raised $250 million.

Columbus Circle Capital 1, one of several SPACs sponsored by the investment bank, has been increasingly active in the digital asset sector. The bank, which has roots in traditional capital markets and asset management, has expanded its services to include auditing, tax, and advisory services for cryptocurrency exchanges, token issuers, non-fungible tokens (NFTs), and decentralized finance projects.

Pompliano, known for his advocacy of Bitcoin and his podcast, has not officially confirmed the reported merger plan for ProCapBTC through social media or official statements. However, if finalized, the deal would add to a recent wave of large institutional Bitcoin investment vehicles, highlighting the growing acceptance and appetite for direct exposure to Bitcoin.

This development underscores the increasing institutional interest in Bitcoin and the digital asset class, as more traditional financial institutions and investors seek to capitalize on the growing acceptance and potential of cryptocurrencies. The launch of ProCapBTC, if successful, could further solidify Pompliano’s position as a key player in the crypto investment landscape.