Anthony Pompliano to Become CEO of ProCapBTC
According to reports from the Financial Times, prominent U.S. cryptocurrency opinion leader Anthony Pompliano is set to become the CEO of ProCapBTC. He is expected to announce the merger of ProCapBTC with the blank check company Columbus Circle Capital 1 as early as next week, aiming to raise $750 million, which will be entirely used to purchase Bitcoin. The two parties are currently negotiating the final terms.
Overview of Fundraising Structure
Sources reveal that ProCapBTC plans to complete its fundraising through $500 million in equity and $250 million in convertible bonds. Columbus Circle Capital 1 previously raised $250 million in its IPO at the end of May, backed by investment bank Cohen & Company.
Pompliano will take on the role of CEO at ProCapBTC, planning to emulate the corporate Bitcoin reserve model established by MicroStrategy’s CEO Michael Saylor, converting all funds into Bitcoin for long-term holding. Pompliano has served as an advisor in several SPAC transactions and is quite familiar with the process. He has publicly stated, “I love Bitcoin. I firmly believe it is digital gold. I hold a significant amount of Bitcoin myself, and Trump also holds quite a bit.”
If the entire $750 million is secured, based on Coingecko’s latest Bitcoin price of approximately $105,694, ProCapBTC could purchase around 7,100 Bitcoins in one go. Observers believe that if the transaction materializes, it will further strengthen Bitcoin’s position within mainstream asset allocation and attract more institutional players to replicate this model.
Future Developments to Watch
The market is keenly watching when the merger agreement will be finalized and the SEC’s regulatory stance towards SPACs created specifically for cryptocurrency purchases. If there are no regulatory hurdles, ProCapBTC’s success could position it alongside MicroStrategy and Metaplanet, creating a triumvirate that could ignite a new wave of institutional accumulation of cryptocurrencies by 2025.
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