In a high-voltage fusion of crypto ambition and Wall Street mechanics, ProCap BTC LLC announced Monday it will go public via a merger with special purpose acquisition company (SPAC) Columbus Circle Capital Corp. I, in a blockbuster transaction that could stack the new firm’s balance sheet with up to $1 billion in bitcoin.
Four powerhouse law firms stitched together the deal, marking what ProCap claims is the largest initial fundraise in history for a public bitcoin treasury company.
The merger is expected to close by the end of the year and could catapult ProCap into the spotlight as a bitcoin-native financial services juggernaut, right at the volatile intersection of crypto innovation and traditional finance.
$751M in Capital Raised to Power Crypto Ambitions
To fuel the public launch, the involved parties raised $516.5 million in equity and another $235 million in convertible notes — a record-breaking sum for a crypto-native firm aiming for the public markets.
Reed Smith LLP represented ProCap, while Ellenoff Grossman & Schole LLP served as legal counsel to the SPAC. Ogier handled Cayman Islands advisory, and Morgan Lewis & Bockius LLP supported the equity and debt fundraising.
