ProCap BTC Files for Public Listing via SPAC Merger

Anthony Pompliano’s Bitcoin-focused firm, ProCap BTC, has taken a significant step towards going public by filing an 8-K with the U.S. Securities and Exchange Commission. The filing outlines a proposed merger with Columbus Circle Capital Corp I, a blank-check company, which aims to create a new publicly traded entity named ProCap Financial, Inc. This move is set to list the new entity on the Nasdaq under the ticker symbol CCCM once the deal is finalized.

The merger comes after a series of strategic moves by ProCap BTC, including the purchase of 3,724 BTC, valued at approximately $387 million, at an average price of $103,785 per coin. Additionally, the company has raised over $750 million in funding, which includes $225 million in convertible debt and $550 million in equity. These funds are earmarked to support ProCap’s long-term strategy of treating Bitcoin as a primary treasury asset, according to investor materials.

ProCap BTC aims to differentiate itself from traditional financial firms by generating yield on its Bitcoin holdings while offering products tailored for institutional investors. If the merger is successfully completed, ProCap Financial, Inc. is poised to become one of the top 15 publicly traded corporate Bitcoin holders globally. This positioning underscores the firm’s commitment to developing institutional infrastructure around Bitcoin, aligning with the growing demand for digital assets in the financial sector.

The special-purpose acquisition company (SPAC) merger route chosen by ProCap BTC reflects a broader trend among crypto-native companies exploring public listings. This trend is driven by increasing regulatory clarity in the U.S., which has encouraged several digital asset firms to seek market legitimacy through public offerings. As part of the process, Columbus Circle and ProCap will submit a registration statement to the SEC, including a joint prospectus and proxy materials. Investors and stakeholders are encouraged to review these filings once they become available.

Anthony Pompliano, a long-time Bitcoin advocate, has positioned ProCap BTC as a pure-play on Bitcoin’s future as institutional demand grows. With significant capital raised and a clear focus on Bitcoin-native financial services, the firm is shaping up to be one of the most closely watched crypto listings of 2025. The merger underscores the increasing acceptance and integration of cryptocurrencies into traditional financial markets, as well as the strategic importance of Bitcoin as a store of value.