A new bitcoin treasury company backed by U.S. investor Anthony Pompliano is being formed with plans to hold up to $1 billion in bitcoin.
Pompliano’s financial firm ProCap BTC will merge with Columbus Circle Capital I, a special purpose acquisition company, to create ProCap Financial.
Pompliano said the new company will not only hold bitcoin on its balance sheet but also generate revenue from it. The firm plans to use strategies such as lending, derivatives, and other financial products and services to earn profits from its bitcoin holdings.
The company has raised $500 million in equity and $250 million in a convertible note. Pompliano said this represents the largest initial fundraising in history for a bitcoin treasury firm.
Several institutional investors, including Citadel, Susquehanna, Jane Street, and Magnetar, have committed capital to the venture. Crypto-focused firms such as Off the Chain Capital, Pantera, Coinfund, Parafi, Blockchain.com, and FalconX have also contributed funding.
The formation of ProCap Financial follows a growing trend of public companies adopting bitcoin treasury strategies. These efforts aim to mirror the approach of software firm MicroStrategy, which began buying bitcoin in 2020 and now holds over $63 billion worth.
The announcement comes as U.S. President Donald Trump pushes for changes in cryptocurrency policy, including the creation of a strategic bitcoin reserve.
Pompliano said the goal of ProCap Financial is to develop a platform that not only acquires bitcoin but also builds risk-managed systems for steady income. He described bitcoin as a force disrupting the traditional financial system.
