Pompliano Bitcoin Treasury ProCap Unveils $1 Billion SPAC Merger

Personality on social media and crypto investor Anthony Pompliano unveiled a $ 1 billion merger on Monday to create Procap Financial, one Bitcoin-Native financial services that will soon participate in a growing list of companies that are actively in stock at the Nasdaq.

Pompliano, who started promoting Procap in April, said On X, formerly Twitter, that he had recently collected $ 750 million from “leading institutional investors on Wall Street” for the white company, alongside heavy strikers in the cryptosphere.

“It’s time to get to work,” said Pompliano, and noted that Procap “will develop products and services to produce income and profit from the Bitcoin on our balance in the course of time.”

Procap will merge with Columbus Circle Capital, who acts on the Nasdaq under the Ticker -Name CCCM, said Procap in a press release. Entities in the proposed transaction have collected $ 516 million in equity and $ 235 million through convertible notes, the company added.

The announcement of Pompliano is amid a sharp increase in companies that add Bitcoin to their balance sheets, including Trump Media’s $ 2.5 billion increase To buy Bitcoin last month, and that of Gamestop Recent adoption From Bitcoin as a treasury -reserve activum. Although many companies just buy and hold Bitcoin, Pompliano underlined in a statement that capital will be put to work.

“Our goal is to develop a platform that will not only acquire Bitcoin for our balance, but will also implement risk-restricted solutions to generate income and profit from our Bitcoin holdings,” he said.

Bitcoin-purchasing companies such as strategy, in the past Micro strategyhave been able to transform itself over time. In a recent remark from Coinbase, however, analysts warned that the trend may not be sustainable and could be given up one day “systematic risks“For the entire crypto sector.

Logic is that a competitive drawing in the price of Bitcoin could force these companies that often turn to debts to finance purchases, it can be forced to actively sell it en masse.

According to Bitcoin, 134 public companies worldwide bought 835,000 Bitcoin worth $ 85 billion Bitcoin treasuries. Bitcoin changed by hand around $ 102,000 on Monday, an increase of 2.2% on the past day, according to Crypto Data Provider Coentecko.

Published by James Rubin