The race to create publicly traded bitcoin treasuries is accelerating — and so is the capital pouring in.
ProCap Financial, the latest entrant, has raised more than $750 million and is going public through a special purpose acquisition company, or SPAC, with Columbus Circle Capital Corp. I, according to an announcement Monday.
Led by investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue through a full-stack, bitcoin-denominated financial services platform.
The rush into bitcoin treasuries — inflated by cheap capital, yield promises, and brand name endorsements — is starting to resemble a bubble.
"There's an old George Soros quote that goes, 'When I see a bubble forming, I rush in to buy, adding fuel to the fire,'" Pompliano said. "There's a reason the bubble forms — because the trend works."
ProCap joins a growing cohort of bitcoin-heavy ventures using reverse mergers and blank-check vehicles to tap into public markets.