U.S. investor and podcast host Anthony Pompliano has agreed to merge his personal agency, ProCap BTC
U.S. investor and podcast host Anthony Pompliano has agreed to merge his personal agency, ProCap BTC, with blank-check firm Columbus Circle Capital Corp. I in a transaction that values the mixed enterprise at as much as $1 billion. The brand new entity, to be known as ProCap Monetary, is anticipated to record on Nasdaq underneath ticker CCCM as soon as the deal receives regulatory and shareholder approvals.
ProCap has already secured greater than $750 million in funding, comprising roughly $500 million in most well-liked fairness and $250 million in convertible notes. Administration mentioned the proceeds can be deployed instantly to buy Bitcoin, with a purpose of holding as a lot as $1 billion of the cryptocurrency on the corporate’s steadiness sheet.
In contrast to earlier Bitcoin-treasury performs that primarily sit on their token holdings, ProCap intends to generate income by lending, buying and selling and providing different capital-markets providers backed by its Bitcoin reserves. The transfer deepens a wave of crypto-focused companies utilizing special-purpose acquisition corporations to succeed in public markets, a pattern some analysts say is starting to resemble a bubble.
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