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.

Pompliano’s Vision: Disrupting Wall Street, Bitcoin-First

Leading the charge is Anthony Pompliano, a high-profile crypto investor and entrepreneur. His goal: to weaponize ProCap’s bitcoin-heavy balance sheet to generate revenue through diversified, risk-mitigated strategies.

"The legacy financial system is being disrupted by bitcoin," Pompliano declared. "We’re not just buying bitcoin — we’re building a full-spectrum financial services firm around it."

Pompliano emphasized that the firm’s mission is to offer tailored financial services for sophisticated institutional investors hungry for bitcoin-native exposure in a regulated environment.

SPAC Power Play: Columbus Circle Capital Backs the Bold Bet

Columbus Circle Capital, the SPAC partner in the deal, is backed by Cohen & Company Inc., and its leadership believes in ProCap’s transformational potential.

“From day one, we sought a visionary partner — and found that in Anthony Pompliano and ProCap,” said Gary Quin, CEO of the SPAC. “He’s an early evangelist in the bitcoin space with the operational grit to shake up the industry.”

A Cast of Heavyweight Investors Join the Crypto Parade

The deal has attracted top-tier institutional support from both bitcoin-native and traditional hedge funds, including:

• Magnetar Capital

• Woodline Partners LP

• Anson Funds

• RK Capital

• Off the Chain Capital

• Parafi

• Blockchain.com

• Arrington Capital

BSQ Capital Partners

• FalconX

These firms are placing a collective bet that ProCap can bridge the chasm between decentralized digital assets and institutional-grade finance.

Legal Architecture Behind the Billion-Dollar Blueprint

Reed Smith LLP’s deal team for ProCap included partners Constantine Karides, Katherin Geddes, and Lynwood Reinhardt.
Ellenoff Grossman & Schole LLP, representing Columbus Circle Capital, brought in Douglas Ellenoff, Stuart Neuhauser, Meredith Laitner, and Trevor Okamba.
Ogier’s offshore legal guidance came from Bradley Kruger and Natalie Bell, while Morgan Lewis’ equity and debt counsel included Rahul Patel and Kevin Shmelzer.