Anthony Pompliano, a prominent figure in the cryptocurrency sector, is reportedly preparing to introduce a new Bitcoin investment vehicle with a target raise of $750 million, according to the Financial Times via COINOTAG. The proposed entity, ProCapBTC, is structured as a Special Purpose Acquisition Company (SPAC) and is set to merge with the publicly traded Columbus Circle Capital 1. This strategic move positions Pompliano as the prospective CEO, steering the company through this significant transaction.
The financing strategy for ProCapBTC includes raising approximately $500 million through equity and an additional $250 million via convertible debt, facilitated by the merger with Columbus Circle Capital 1. Notably, Columbus Circle Capital 1 benefits from the backing of the investment bank Cohen & Company, which adds a layer of institutional credibility to the deal. While discussions remain fluid, industry insiders anticipate an official announcement imminently, marking a pivotal development in crypto investment vehicles.