Anthony Pompliano’s ProCap BTC Completes SPAC Merger, Rebrands as ProCap Financial

Special purpose acquisition company Columbus Circle Capital (BRR) and ProCap BTC — Anthony Pompliano’s bitcoin treasury firm, which raised over $750 million to build its crypto-focused business — finalized their merger late Friday.

The combined entity will operate under the name ProCap Financial and is set to begin trading on the Nasdaq under the ticker BRR on Monday.

This year, bitcoin treasury companies (BTCTCs) have struggled following SPAC combinations, with most losing 90% or more of their value. Higher-profile examples like KindlyMD (NAKA) and Strive (ASST) now trade below $1 per share.

BRR had previously traded in a narrow range near its $10 offering price for several months, even closing at $10.15 on Nov. 28 as investors speculated the merger might be blocked or that Columbus Circle could pursue alternative options or return capital to shareholders. Once the merger became imminent, BRR shares fell more than 50%, closing at $4.36.

Pompliano addresses investor concerns

One criticism facing BTCTCs this year has been the generous compensation packages awarded to management and boards, prompting questions over why investors should pay a premium for a business model that essentially involves buying and holding bitcoin.

In response, Pompliano announced he will take a $1 annual salary with no guaranteed bonus, and any equity compensation will only vest if the stock reaches $15 per share, more than three times its current price. The board has also agreed to defer equity awards until certain stock price milestones are achieved.

Pompliano’s moves aim to align management incentives with shareholder interests, seeking to restore confidence in a sector that has seen dramatic losses since the SPAC boom.