Procap BTC, a Bitcoin (BTC) financial services company led by renowned code advocate and investor Anthony Picriano, has announced plans to make it public through a merger with Columbus Circle Capital Corp’s special purpose acquisition company (SPAC).
The resulting entity is named Procap Financial. By building up BTC reserves of up to $1 billion, it aims to establish itself as a major player in the Bitcoin market.
Anthony Pompliano leads the Bitcoin Reserve Push of $1 Bitcoin Reserve
According to an official press release, the merger raised more than $750 million in stocks and convertible memos. The funds came from major institutional investors and Bitcoin native funds through private placement.
Procap Btc raised $516.5 million by selling non-voting priority units. Procap Financial secured $235 million in its commitment to Senior-Solved Convertible Notes.
“As part of the business combination, I raised over $750 million, the largest initial funding in the history of the Bitcoin Treasury, which is publicly available. We are fortunate to have raised this capital from a major institutional investor on Wall Street, along with many of the world’s top Crypto investors.”
With approval from the US Securities and Exchange Commission (SEC), Procap Financial Plans will be listed on NASDAQ. The transaction is expected to end by the end of 2025.
Known for its bullish attitude towards Bitcoin and its widespread impact on the crypto space, Pulliano will chair Procap Financial. Besides simply accumulating BTC, the company also aims to develop products and services that will help generate revenue and profits from Bitcoin on its balance sheet.
However, details about these revenue generation strategies remain private at this stage. Pulliano explained in a recent video that many Bitcoin finance companies have recently appeared, but the model still has a range of improvements.
“Procap Financial’s catchphrase is simple. Bitcoin is a new hurdle rate,” he added.
This development follows a trend toward increasing institutional interest in Bitcoin. In April, Cantor Fitzgerald took a similar initiative in partnership with SoftBank, Tether and Bitfinex, creating 21 capital. The following month, Trump Media and Technology Group raised approximately $2.5 billion to fund its Bitcoin Reserve Strategy.
Meanwhile, this trend has also been addressed outside the US. From Ratum to the Middle East, businesses are increasingly drawn to adding bitcoin to their balance sheets. This highlights the growing confidence in the potential of Bitcoin as a storehouse of value and the foundations of financial innovation.
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