Anthony Pompliano’s Procap BTC buys $386 million in Bitcoin

“As part of its ongoing business strategy, the company plans to continue buying Bitcoin for its balance sheet,” the press release said. “At the end of the proposed business portfolio, Procap Financial expects to hold $1 billion of Bitcoin on its balance sheet.”

Anthony Pompliano’s Procap BTC yesterday announced an explicit agreement to merge with Columbus Circle Capital Corp. I (NASDAQ:CCM) to form Procap Financial, Inc.

“The traditional financial system is destroyed by Bitcoin,” Pompliano said. “Procap Financial represents our solution to the growing demand for Bitcoin local financial services for complex investors. Our goal is to develop a platform that will not only acquire Bitcoin for our balance sheet, but will also implement risk-reducing solutions to generate revenue and profits from our Bitcoin holdings.”

The combined entity will initiate up to $1 billion in bitcoin on its balance sheet, marking the largest initial fundraising for a public Bitcoin finance company to date. The transaction includes $516.5 million in equity and $235 million in convertible notes.

“From day one, we’ve tried to work with a platform and leader that can develop a transformative organization, and we find it in Procap BTC and Anthony Pompomome,” said CEO of CCCM Gary Quin. “Anthony’s trail of innovative investors, operators and early advocates in the Bitcoin ecosystem expresses his meaning. We believe his deep expertise and ruthless beliefs will help continue to transform an industry that is growing rapidly.”