ProCap Financial, founded by Bitcoin advocate Anthony Pompliano, has finalized a landmark $1 billion merger deal establishing a new benchmark for institutional Bitcoin treasury solutions. The transaction represents the largest-ever capital raise for a Bitcoin treasury entity transitioning to public markets, with over $750 million secured during its initial funding phase.
The financing structure comprises $516.5 million in equity and $235 million convertible notes, granting investors direct Bitcoin exposure. The arrangement through Columbus Circle Capital Corp. I—a special purpose acquisition company (SPAC) sponsored by Cohen & Company Inc.—provides ProCap Financial with immediate access to public markets via streamlined regulatory pathways.
Major institutions solidified the deal, with Magnetar Capital, Woodline Partners LP, Anson Funds, and Blockchain.com participating as cornerstone investors. High-profile crypto figures including Mark Yusko and Jason Williams have publicly endorsed the initiative.
This merger signals accelerating institutional adoption of Bitcoin as a treasury reserve asset. Industry analysts project the move could spur widespread innovation across cryptocurrency investment vehicles and corporate treasury strategies, reflecting growing mainstream financial acceptance of digital assets.