BofA update shows where active managers are putting money
MIAMI - ProCap Financial, Inc. will be formed through a $750 million capital raise and business combination between ProCap BTC, LLC and Columbus Circle Capital I (NASDAQ:CCCM), according to a press release statement issued Monday. CCCM shares have shown remarkable momentum, trading near their 52-week high of $16.25 with a 19.58% gain in the past week alone.
The transaction brings together entrepreneur Anthony Pompliano's ProCap BTC and the Cayman Islands-based SPAC sponsored by Cohen & Company, Ltd. Upon completion, the new entity is expected to list on Nasdaq.
Pompliano will serve as Founder and Chief Executive Officer of ProCap Financial, which aims to generate revenue through bitcoin-related strategies including lending, staking, derivatives, and other financial services.
The capital raise includes investments from institutional investors such as Citadel, Susquehanna, Jane Street, Magnetar, Off the Chain Capital, Pantera Capital, and Adam Back, CEO of Blockstream. The company is structured to purchase and hold bitcoin immediately upon commencing operations. InvestingPro subscribers can access additional insights, including 8 more ProTips and detailed financial metrics that help evaluate SPAC investments like CCCM.
Reed Smith LLP acted as legal counsel to Pompliano and ProCap BTC for the transaction. The law firm's team was led by Constantine Karides, chair of Reed Smith's Crypto and Digital Assets Group, along with partners Katherine Geddes and Lynwood Reinhardt.
The announcement comes as Reed Smith has recently advised on other bitcoin treasury initiatives, including Trump Media and Technology Group Corp.'s $2.5 billion bitcoin treasury deal and a merger between KindlyMD, Inc. (NASDAQ:KDLY) and Nakamoto Holdings Inc.
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