ProCap will have up to USD 1,000 million in Bitcoin (BTC) at the close of the transaction.
The procedure is expected to be completed by the end of 2025, subject to the approval of the SEC.
The American investor, Anthony Pompliano, announced today the creation of ProCap Financial, a financial services firm focused on Bitcoin (BTC), which will arise from the merger of ProCap BTC and Columbus Circle Capital Corp.
With an initial collection that exceeds 750 million dollars, The operation becomes the largest launch financing ever registered for a public contribution company with Bitcoin Treasury.
The company, according to the release official, It will have up to 1 billion dollars in Bitcoin in its balance at the close of the transaction. These funds come from a combination of 516.5 million dollars in preferential capital and $ 235 million in convertible bonds, acquired by outstanding institutional investors and the bitcoiner ecosystem, such as Magnetar Capital, Blockchain.com, Parafi, Off the Chain Capital and Mark Yusko, among others.
Pomplianowho has invested in more than 300 private companies, will be in charge of the company. Its objective with ProCap Financial is to offer sophisticated financial products built on Bitcoin, generate income with their holdings and provide direct exposure to BTC for investors through a public company structure.
“The traditional financial system is being revolutionized by Bitcoin,” said Pompliano. “We want to create a platform that not only accumulate BTC, but also use it strategically to generate value.”
The operation, which must still receive approval from regulators and shareholders, is structured as a Business combination which will turn ProCap BTC, LLC (the current private firm of Pompliano) into a company that is quoted in the stock market. The capital collected has already begun to be used for the purchase of Bitcoin, which will be protected until the end of the process, allowing future shareholders to immediate exposure to BTC.
Convertible bonds associated with the operation – by 235 million dollars – will have a conversion rate of 130%, zero interest and an expiration of up to 36 months. They will be guaranteed with cash, equivalent or part of the acquired bitcoin. The management of these assets will be in charge of US Bank National Trust.
The closure of the transaction is expected by the end of 2025subject to the approval of the SEC and other usual conditions. Meanwhile, the registration statement was already announced and will be presented soon in form S-4 before the regulators.
Pompliano is following the example of Michael Saylor who, as Cryptonoticias has explained, is the president of Strategy, the public contribution company with more Bitcoin in his balance.
