Anthony Pompliano Unveils $1B Bitcoin SPAC to Launch Public Treasury Firm

The transaction is backed by $500 million in equity commitments and $250 million in convertible notes, representing one of the largest fundraising rounds ever for a bitcoin treasury company. Backers include an impressive roster of hedge funds and institutional players such as Citadel, Susquehanna, Jane Street, and Magnetar, alongside leading crypto-focused firms like Pantera, CoinFund, Blockchain.com, Off the Chain Capital, Parafi, and FalconX. The breadth of participation illustrates a growing convergence between traditional finance and crypto-native capital in bitcoin-based business models.

Pompliano emphasized that the company will not simply buy and hold bitcoin. Instead, it will actively deploy its assets in risk-managed strategies to generate consistent yield. “The legacy financial system is being disrupted by bitcoin right before our eyes,” he said. “We will implement risk-mitigated solutions to generate sustainable revenue and profits from our bitcoin holdings.” The initiative aims to give public market investors the ability to access a revenue-driven bitcoin entity with clear financial disclosures and long-term viability beyond market cycles.

The merger is expected to close later this year, pending standard SPAC approvals and regulatory review. Its timing aligns with renewed momentum in U.S. digital asset policy. Following the establishment of a national Bitcoin reserve under President Donald Trump’s administration, and bipartisan progress in the Senate on stablecoin regulation, the role of crypto in national finance is gaining unprecedented legitimacy. Pompliano, a long-time advocate for both governmental and corporate Bitcoin adoption, is now positioned at the forefront of these institutionalization efforts.

The concept of a publicly traded bitcoin treasury firm that actively generates yield is relatively new. Existing examples, such as Japan’s Metaplanet and Strategy in the U.S., have built large bitcoin holdings but focus primarily on long-term appreciation.

If ProCap Financial deploys its full capital toward bitcoin accumulation, it could quickly ascend the rankings of top corporate bitcoin holders globally.

The SPAC partner, Columbus Circle Capital I, raised $250 million in May through an IPO sponsored by Cohen & Company, a financial services firm listed on the NYSE with increasing ties to the crypto ecosystem. Cohen & Company has previously provided advisory, audit, and tax services to digital asset firms and is positioning itself as a key enabler of blockchain-based financial innovation. The merger with ProCap aligns with the SPAC’s original mandate to invest in fintech, crypto, and disruptive financial technologies.

ProCap’s strategy also fits into the broader trend of bitcoin’s institutionalization. By building infrastructure for lending and derivatives tied to bitcoin, the firm effectively brings traditional financial tooling to digital asset management, potentially accelerating adoption among conservative institutional allocators. It’s also worth noting that Pompliano’s earlier SPAC, ProCap Acquisition, raised $250 million in April and recently debuted on Nasdaq, giving him valuable experience in navigating capital markets and public listings.

The broader environment appears favorable. Bitcoin ETFs in the U.S. have seen massive inflows in recent weeks, including nearly $1 billion across just three trading days. Regulatory conditions are also evolving, with Congress moving toward more structured oversight of stablecoins and digital assets. These developments create a supportive backdrop for companies like ProCap Financial to scale operations and attract shareholder interest.

As Pompliano’s $1 billion SPAC deal moves forward, the coming months will be critical. Investors and analysts will watch how effectively ProCap deploys its capital, establishes its yield-generating platform, and differentiates itself from existing treasury-holding firms. If successful, the firm could catalyze a new generation of publicly listed companies built around bitcoin, not only as an asset but as a foundation for active financial businesses.

With bold ambitions, high-profile backing, and a novel approach, ProCap Financial represents a significant step toward integrating bitcoin into the heart of corporate finance. Whether it can deliver on its promise remains to be seen, but its launch underscores how far bitcoin has come from the margins and how much further it may still go.