Pompliano unveils ProCap Financial, eyes $1b BTC play via SPAC

Crypto media personality Anthony Pompliano announced the launch of his own BTC-focused company on Nasdaq.

Michael Saylor’s Strategy may soon be getting a big competitor. On Monday, June 23, crypto podcaster and X influencer Anthony Pompliano announced the creation of ProCap Financial. The company will focus on accumulating Bitcoin (BTC) as a treasury asset, giving ordinary investors exposure to it.

The company will launch through a $1 billion SPAC merger between his private firm, ProCap BTC, and the publicly traded Columbus Circle Capital Corp. So far, his company has raised $750 million in capital for its Bitcoin treasury bid.

Pompliano also confirmed that ProCap Financial will list on Nasdaq as $CCCM. Out of the $750 million raised, the firm will use $516.5 million to acquire Bitcoin reserves within 15 days of signing, in order to mitigate market risk.

Pompliano’s company to leverage the Bitcoin network

This news comes after reports earlier in July suggested that Pompliano was planning a billion dollar move. In addition to acquiring Bitcoin, ProCap Financial will also develop products that leverage Bitcoin’s network to generate profits over time.

“ProCap Financial will focus on acquiring bitcoin for its balance sheet, while also developing products and services to produce revenue and profit from the bitcoin on our balance sheet over time,” Anthony Pompliano.

In recent months, there has been a growing trend of companies adopting Bitcoin treasuries. The catalyst for the shift was the election of a pro-crypto administration in the White House. Notable examples include GameStop, 21 Capital, and Nakamoto. Collectively, 216 companies currently own nearly 31% of BTC’s supply, accounting for 765,300 bitcoins.

By far the biggest holder among them is Strategy, founded by Bitcoin maximalist Michael Saylor. His firm owns 592,345 bitcoins, worth more than $60 billion. In an X reply to the announcement, Saylor congratulated Pompliano on the move.