This news came Monday (June 23), as Pompliano’s ProCap BTC, a “bitcoin-native” financial services firm, announced plans to enter a special purpose acquisition company (SPAC) merger with Columbus Circle Capital Corp. to create ProCap Financial.
The entities in this proposed transaction raised $516.5 million in equity and $235 million in convertible notes, making this the largest ever initial fundraise for a public bitcoin treasury company, the company said in a news release.
“The legacy financial system is being disrupted by bitcoin,” said Pompliano, who, per the release, has invested in more than 300 private companies. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”
A report on the announcement by Reuters noted that many public companies have turned to bitcoin treasury strategies, which involves setting aside some of their cash and reserves toward the cryptocurrency, to imitate the success of software company Strategy. That firm, once known as MicroStrategy, began stockpiling bitcoin in 2020 and now holds upwards of $63 billion worth of the digital token.
“Regulatory uncertainty has been a key concern for businesses considering bitcoin adoption,” PYMNTS wrote earlier this year. “However, in 2025, clearer accounting rules and the Trump administration’s progress toward enacting proposed regulatory frameworks for cryptocurrency regulation are giving CFOs more confidence in managing bitcoin’s financial reporting and compliance risks.”
The digital token’s increasing role in corporate treasuries is a sign of a fundamental re-examination of how businesses store value, handle inflation risk and allocate capital. As bitcoin matures, other companies might follow in Strategy’s lead, PYMNTS added, but perhaps in a more measured and diversified fashion.
“Rather than going all-in on bitcoin, CFOs may choose a hybrid treasury model, maintaining a mix of cash, fixed-income assets and bitcoin to balance liquidity needs with long-term appreciation potential,” that report added.
More recently, PYMNTS wrote about the potential risks at play as cryptocurrencies play a larger role in lending.
That activity is set to accelerate, after The Office of the Comptroller of the Currency rescinded its guidelines on crypto and set the stage for banks and lenders to permit digital holdings to be part of secured lending activity.
“The risks are inherent in the volatility of bitcoin and other cryptos, and even stablecoins have been marked by some swings where they depg from the 1:1 relationship with the dollar,” PYMNTS wrote.
