Pompliano’s Procap Kicks Off With $385M in Bitcoin, Eyes $1B Target Through Historic Raise

Anthony Pompliano’s new Bitcoin-focused treasury firm, Procap, has entered the market with a bold debut—acquiring 3,724 BTC at a time-weighted average of $103,785 per coin. The purchase, worth approximately $385 million, places Procap among the latest wave of corporate players turning to bitcoin as a balance sheet asset.

Procap made headlines this week after proposing a $1 billion reverse merger with Columbus Circle Capital Corp. (CCCM), a move designed to take the firm public under the name ProCap Financial, Inc.. The strategy mirrors the playbook pioneered by Michael Saylor’s Strategy, using public market tools to amass large BTC reserves.

According to a company release, Procap raised a combined $751.5 million—$516.5 million via equity and $235 million through convertible debt—marking what it calls “the largest initial capital raise in history for a public bitcoin treasury company.” The newly acquired bitcoin was purchased immediately after funding closed, providing shareholders with instant exposure to bitcoin’s upside through equity ownership.

Procap says its long-term goal is to build a $1 billion bitcoin reserve while pursuing diversified revenue streams. “We’re executing on our thesis quickly and decisively,” the firm stated, adding that BTC acquisition will remain a core component of its ongoing business model.