ProCap BTC Surpasses GameStop in Bitcoin Holdings with 4,932 BTC

ProCap BTC, the investment firm founded by Anthony Pompliano, has surpassed GameStop in Bitcoin holdings after two days of consistent purchases made on June 24 and 25, 2025. Pompliano announced the update on X (formerly Twitter), stating, “We now hold more bitcoin than GameStop. The race is on to acquire as many bitcoin as possible.”

Earlier that day, Pompliano revealed that his firm had purchased an additional 1,208 BTC at an average price of $105,977 per coin, totaling approximately $128.02 million. This acquisition brought the company’s total Bitcoin holdings to 4,932 BTC, valued at over $532 million based on the current market price.

GameStop initiated its Bitcoin journey earlier in the year. In May 2025, the company acquired 4,710 BTC for about $495 million after raising $1.3 billion in March to fund the purchase. This month, GameStop announced a $2.25 billion private offering to secure more cash, with plans to further increase its Bitcoin holdings. Currently, GameStop is 222 BTC short of ProCap's holdings, a notable but not insurmountable difference.

Just days before beginning its Bitcoin buying spree, ProCap BTC announced a $1 billion merger with a public company called Columbus Circle Capital Corp. I. The new entity, expected to be named ProCap Financial, Inc., will be listed on the stock market, allowing everyday investors to gain Bitcoin exposure by purchasing shares.

Pompliano was able to fund the buy after raising over $750 million, which included $516.5 million from selling shares and $235 million from convertible notes. These notes are loans that do not earn interest but can later be converted into shares. The Bitcoin and funds are being held and managed by U.S. Bank National Trust.

GameStop has also disclosed in a new filing to the United States Securities and Exchange Commission that it has raised an additional $450 million through the sale of follow-up zero-coupon convertible notes. This brings the total funds raised to about $2.7 billion from the offering. GameStop plans to use these funds for general business needs and for making investments, which include buying more Bitcoin. Although ProCap currently holds the lead, the race is far from over, and GameStop could catch up if it initiates its own buying spree.

Anthony Pompliano, a prominent Bitcoin investor, has announced a significant move in the cryptocurrency landscape. His firm, ProCap BTC, LLC, is set to merge with Columbus Circle Capital Corp I, a publicly traded special purpose acquisition company, in a deal valued at $1 billion. The resulting entity, ProCap Financial, aims to become a leading Bitcoin treasury company, focusing on acquiring Bitcoin for its balance sheet and developing products and services to generate revenue from its holdings.

The merger includes over $750 million in capital raised, with $500 million in equity and $250 million in a convertible note. This makes it the largest initial fundraise in history for a publicly traded Bitcoin treasury company, according to Pompliano. The deal underscores the growing trend of companies adopting Bitcoin as a treasury asset, inspired by the success of Strategy, formerly known as MicroStrategy. Strategy's stock has seen significant gains, outperforming Bitcoin's price increase over the past year.

The regulatory environment in the United States has also played a role in this trend. The Senate's passage of the GENUIS Act and a more accommodating stance from the SEC have encouraged corporate Bitcoin adoption. However, not all companies have fared well with a crypto-centric strategy. GameStop's shares initially surged upon announcing Bitcoin incorporation into its treasury but have since struggled, falling more than 25% over the past month.

Pompliano's ProCap BTC has already acquired 3,724 BTC at an average price of $103,785, totaling roughly $386 million. This acquisition positions ProCap BTC as holding more Bitcoin than GameStop, raising the question of whether it can catch up to the success of Strategy and other leading Bitcoin treasury companies. The merger aims to create ProCap Financial, Inc., a new public company aiming to become the largest Bitcoin treasury vehicle on the market. The success of this venture will depend on its ability to generate revenue and profit from its Bitcoin holdings, as well as navigate the evolving regulatory landscape and market dynamics.