ProCap Financial Raises $750 Million in Bitcoin Treasury Merger

Anthony Pompliano has announced a significant merger between ProCap BTC and Columbus Circle Capital Corp. to form ProCap Financial, a Bitcoin-native financial services firm. The merger, valued at $1 billion, aims to create a pioneering financial platform designed for long-term Bitcoin accumulation and revenue generation. The venture has already raised over $750 million, making it the largest initial fundraise ever for a public Bitcoin treasury company.

ProCap Financial plans to hold up to $1 billion in Bitcoin, with $750 million already raised through a combination of equity and convertible notes. The capital raise has attracted notable investors including Magnetar Capital, Blockchain.com, Parafi, Arrington Capital, and FalconX, along with industry figures like Mark Yusko and Jason Williams. These funds are being used to accumulate Bitcoin, which will be safeguarded until the firm becomes publicly traded, providing early equity investors with direct BTC exposure from day one.

The convertible notes carry a 130% conversion rate, zero interest, and a term of up to 36 months. They are backed by cash, equivalents, or Bitcoin itself and will be managed by US Bank National Trust. This structure not only reduces risk but also aligns with Bitcoin’s increasing role as a financial asset in corporate treasuries. The company aims to offer security, transparency, and real-time access to Bitcoin-based financial performance metrics.

Pompliano, who has invested in over 300 private firms, will lead ProCap Financial. His vision is to create sophisticated financial products that integrate Bitcoin natively, using it as a strategic asset to generate long-term value. Unlike traditional investment vehicles, this model blends equity financing with direct BTC reserves, providing both transparency and utility for investors.

A registration statement for the proposed merger will be filed via Form S-4 with the U.S. SEC. The deal is expected to close by the end of 2025, pending regulatory and shareholder approval. Pompliano’s initiative mirrors moves by figures like Michael Saylor, underscoring the growing demand for institutional-grade Bitcoin exposure in publicly listed structures.

ProCap Financial will offer a range of services, including lending, trading, and capital markets, all tailored to leverage the unique advantages of Bitcoin. By going public through this merger, ProCap Financial seeks to provide investors with access to a Bitcoin-native financial platform, potentially attracting a broader range of clients and partners.

The merger is expected to generate revenue and profit by utilizing its substantial Bitcoin holdings. ProCap Financial aims to build a robust financial ecosystem that caters to the growing demand for Bitcoin-based financial services. This initiative underscores Pompliano's commitment to advancing the adoption and integration of Bitcoin in the financial industry.

The announcement of the merger has garnered attention within the financial community, highlighting the increasing interest in Bitcoin and its potential to disrupt traditional financial services. ProCap Financial's focus on Bitcoin-native services positions it as a forward-thinking player in the evolving landscape of digital assets. The firm's strategic approach to leveraging Bitcoin's strengths in financial services could set a new standard for the industry, paving the way for further innovation and growth.