Crypto investor and podcast host Anthony Pompliano is taking the MicroStrategy playbook to Wall Street's next level, raising $750 million to go public with his Bitcoin-native financial platform ProCap via a SPAC merger with Columbus Circle Capital Corp.
The deal, which was announced Monday, will see ProCap Financial go public on Nasdaq with a plan to rapidly buy and hold up to $1 billion of Bitcoin—about an eighth of Michael Saylor's legendary hoard—making it among the biggest BTC treasuries to list on public markets in history.
Deal Structure: How ProCap Is Going Public
ProCap's route to the public markets is a conventional SPAC play with a cryptocurrency twist. The $750 million financing consists of $516.5 million in equity and $235 million of convertible notes, with U.S.
Bank as collateral agent and trustee. Unusually, ProCap is investing $516.5 million to buy Bitcoin within 15 days of signing, giving investors immediate BTC exposure even before the closing of the merger.
The convertible notes are 130% convertible and 2x collateralized in cash or Bitcoin, giving institutional backers downside protection.
Upon merging, ProCap Financial will be led by Pompliano, offering not just a humongous Bitcoin reserve but also a series of BTC-denominated financial products—lending, trading, and capital markets—to generate yield and profits off its balance sheet.
Why SPACs Are Back—And Why Crypto Loves Them
SPACs, or Special Purpose Acquisition Companies, are making a comeback in 2025 after a two-year absence, with the help of a better regulatory climate and a slowdown in traditional IPOs.
SPACs offer crypto firms a short-cut to the public markets, sidestepping the lengthy and costly IPO route. ProCap's transaction is the largest initial raise for a publicly listed Bitcoin treasury business thus far, demonstrating Wall Street's appetites for risk and digital assets once more.
The property is also a testament to the growing "Bitcoin treasury" trend, spearheaded by MicroStrategy (now Strategy) and holding over 592,000 BTC.
ProCap's $1 billion target would represent about 12.5% of Saylor's stack and be among the largest corporate BTC holders globally.
Regulatory Hurdles and Listing-Day Pricing
Even with the hype, the deal is under quite high regulatory scrutiny. The transaction is expected to be finalized in 2025, pending shareholder approval and SEC approval.
According to experts, although the SPAC framework allows for speed, it also brings scrutiny—especially for crypto firms that are grappling with evolving custody, accounting, and reporting requirements.
ProCap's hiring of U.S. Bank as collateral agent and its spot BTC buying initiative are meant to appease regulators and investors both.
Valuation will be done on the final closing price of BTC bought, but with Bitcoin above $100,000, the market capitalization of ProCap can equal or even surpass some traditional financial institutions. Listing will come with the ticker $CCCM and provides shareholders with near-immediate exposure to BTC.
SPACs, Bitcoin Treasuries, and Wall Street's Crypto Pivot
ProCap's flashy entrance is symptomatic of a broader phenomenon: public companies vying to be "Bitcoin proxies" for investors who would like exposure to digital currencies without the hassle of wallets or exchanges.
More than 70 public companies collectively now hold over $67 billion in BTC, and 30+ new crypto treasury transactions have been announced since April. The SPAC route is specially attractive with Wall Street banks and institutional investors becoming friendly to the space and the Trump administration's light regulatory touch inviting new listings.
While the SPAC renaissance and ProCap's aggressive listing have sparked the market, some experts warn against forces of a bubble and savvy risk management.
"There's an old George Soros quote: When I see a bubble, I buy," Pompliano joked, "because the trend works."
However, ProCap's successful listing will be contingent upon regulatory openness, timing in the markets, and learning how to generate yield from its BTC stack—something even Saylor's Strategy now attempts to accomplish.
Bottom Line
Pompliano's ProCap SPAC is a landmark for Bitcoin public market adoption and the return of SPACs to Wall Street's main stage. With $750 million in capital and a $1 billion BTC target, ProCap stands poised to raise the bar for corporate crypto treasuries—if it can clear the regulatory hurdle and fulfill its bold vision.
