Cryptocurrency entrepreneur and podcast host Anthony Pompliano has raised $750 million by merging his crypto company ProCap with the blank check company Columbus Circle Capital Corp, allowing it to go public in the United States.
After the merger, the two companies will debut under the name ProCap Financial Inc., holding $1 billion worth of Bitcoin (BTC) on their balance sheet. The company stated on Monday that the merger is expected to be completed by the end of this year.
Pompliano will lead the company upon its public listing, and he stated on X that ProCap Financial "will focus on acquiring Bitcoin for its balance sheet while developing products and services to generate revenue and profits over time from the Bitcoin on its balance sheet."
Columbus is a special purpose acquisition company (SPAC), which is a shell company designed to acquire or merge with existing private companies to take them public. According to a Financial Times report on June 13, Columbus will facilitate Pompliano's ProCap going public.
ProCap and Columbus stated that they have raised over $750 million for this transaction, which includes $516.5 million in equity and $235 million in convertible notes.
This financing has the support of crypto broker FalconX, crypto financial services company Blockchain.com, and Eric Semler, chairman of the medical company and Bitcoin purchasing firm Semler Scientific.
ProCap Financial will join the ranks of dozens of publicly traded companies that buy and hold Bitcoin, a model inspired by software company Strategy (formerly MicroStrategy), which holds 592,345 BTC worth $6.23 billion, the largest Bitcoin holding among all companies.
According to today's data, ProCap plans to hold $1 billion worth of Bitcoin, which would rank its holdings eighth among publicly traded companies, surpassing the current holder Coinbase, which has 9,267 BTC worth nearly $974 million (data source: Bitbo).
ProCap may also be on par with Donald Trump's media group Trump Media, which plans to purchase $2.5 billion worth of Bitcoin, joining an increasing list of companies looking to provide cryptocurrency exposure to Wall Street.
As the market for crypto-related and peripheral products seems ready, other companies are also looking to go public quickly.
Bitcoin market infrastructure company Twenty One Capital, led by Strike founder Jack Mallers, also plans to go public as soon as possible through a SPAC merger with Cantor Fitzgerald's Cantor Equity Partners.
Justin Sun's crypto platform Tron stated earlier this month that it will also go public through a reverse merger with Nasdaq-listed toy manufacturer SRM Entertainment, with the company rebranding to Tron Inc. and investing $210 million in Tron (TRX) tokens.
These upcoming public companies hope to replicate the success of stablecoin issuer Circle Internet Group, which went public on June 5, with its stock price soaring over 670% since its listing.
Related: Bitcoin ASIC manufacturer Canaan has launched pilot production in the U.S. and exited the AI business.
Original article: “Crypto Podcast Host Pompliano's Company Raises $750M to Go Public via SPAC”
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