There’s a new billion dollar SPAC deal on Wall Street. And they’re coming after the opportunity in Bitcoin.

What’s happening:

  • Columbus Circle Capital Corp (NASDAQ: CCCM) has entered into a business combination deal with ProCap BTC to accumulate Bitcoin to hold directly as an asset

By the numbers:‍

  • ProCap BTC has raised a total of $751.5M USD through equity financing rounds and convertible debt
  • Columbus Circle Capital Corp raised $250M USD through their IPO round
  • The combined company will have roughly $1B USD to deploy into purchasing Bitcoin, following the successful completion of their business combination

Why it matters:‍

  • ProCap BTC is led by prominent digital asset entrepreneur and investor Anthony Pompliano

Going deeper:‍

  • Following the completion of their business combination, the new company will operate as ProCap Financial and begin accumulating Bitcoin
  • Multiple notable crypto investors participated in the ProCap BTC financing rounds, including ParaFi, FalconX and angel investors Mark Yusko and Tony Guoga

The intrigue:‍

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