ProCap BTC, Led by Anthony Pompliano, Completes SPAC Merger, Rebrands as ProCap Financial
Anthony Pompliano’s bitcoin treasury firm, ProCap BTC, has officially closed its SPAC merger with Columbus Circle Capital (BRR), finalizing the deal late Friday. The combined company will trade on Nasdaq under the ticker BRR starting Monday, now renamed ProCap Financial.
This year has been challenging for bitcoin treasury companies (BTCTCs), with most losing 90% or more after SPAC combinations. Notable examples like KindlyMD (NAKA) and Strive (ASST) now trade under $1. BRR had previously held near its $10 offering price, even closing at $10.15 on Nov. 28, as investors speculated the merger might be delayed or abandoned. Once the deal became imminent, BRR shares fell over 50%, closing at $4.36.
Pompliano addresses investor concerns
BTCTCs have faced criticism over generous management and board compensation, raising questions about shareholder value in a model largely focused on buying and holding bitcoin.
Pompliano announced he will take a $1 annual salary with no guaranteed bonus, with equity awards vesting only if the stock reaches $15 per share. The board will also defer compensation until certain price milestones are met, aligning management incentives with shareholder interests.
