Article Source:

The Core News Anthony Pompliano’s Bitcoin treasury firm, ProCap BTC, has officially closed its merger with the special purpose acquisition company (SPAC) Columbus Circle Capital Corp. I. The newly combined entity has been renamed ProCap Financial and is set to begin trading on the Nasdaq under the ticker symbol BRR.

Key Details

  • Business Model: ProCap Financial aims to build a massive Bitcoin treasury (holding up to $1 billion in BTC) while distinguishing itself from similar firms by actively generating revenue through lending, derivatives, and other financial services rather than just holding the asset.

  • Funding: The firm raised over $750 million to support this strategy, marking one of the largest initial fundraises for a Bitcoin treasury company.

  • Executive Compensation: To address investor concerns about management incentives in SPAC deals, Pompliano announced a "moonshot" compensation package:

    • He will take a $1 annual salary.

    • His equity compensation will not begin vesting until the share price reaches $15 (roughly 3x the trading price at the time of the announcement) and will scale up to $50 per share.

    • Board members similarly agreed to performance-based equity vesting starting at $12.50 per share.

Market Reaction & Context Despite the high-profile closure, the market reaction was volatile. Shares of the SPAC (BRR) plunged more than 50% to around $4.36 as the merger completion became imminent. The drop reflects broader investor skepticism toward "Bitcoin treasury" SPACs, many of which have performed poorly in 2025.