Wall Street Just Backed a $1B Bitcoin Power Play
Anthony Pompliano is making his biggest play yet. His financial firm, ProCap BTC, is merging with Columbus Circle Capital Corp. I (NASDAQ:CCCM)an SPAC sponsored by a Cohen & Co. subsidiaryto go public and pursue what could be a billion-dollar Bitcoin (BTC-USD) treasury strategy, that could reach up to $1 billion, if fully deployed.. The transaction is backed by $516.5 million in non-voting preferred units via private placement and $235 million in zero-coupon convertible bonds. If completed, the listingslated for before the end of 2025could mark one of the largest institutional Bitcoin holdings outside of Strategy (NASDAQ:MSTR).
This move isn't happening in a vacuum. Pompliano is following a path paved by Michael Saylor, whose firm sits on over $60 billion in Bitcoin. He's not alone. In April, Twenty One Capitalbacked by Tetherlocked in $585 million through a SPAC merger with Cantor Equity Partners. And in May, Strive Asset Management, co-founded by Vivek Ramaswamy, signed a reverse merger with Asset Entities Inc. to form another Bitcoin treasury company, with PIPE funding that could raise up to $1.5 billion.
What makes Pompliano's push different is the bridge he's buildingbetween Bitcoin's diehards and Wall Street's power players. We feel very fortunate to have the support of both the Bitcoin community and the traditional Wall Street players, he told Bloomberg. The investor list proves it: Magnetar Capital, Woodline Partners LP, Anson Funds, and Blockchain.com are in. With a media presence reaching millions, Pompliano may be positioning ProCap BTC as more than just another crypto playit could be Wall Street's next high-conviction bet on digital gold.
This article first appeared on GuruFocus.
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