Anthony Pompliano’s ProCap Plans $1B Merger as Bitcoin Holdings Near 5,000 BTC
ProCap BTC, the bitcoin-focused investment firm led by prominent crypto advocate Anthony Pompliano, is moving forward with a major corporate milestone. The firm has announced a planned merger valued at $1 billion with Columbus Circle Capital Corp 1 (CCCM), positioning ProCap as one of the leading public bitcoin treasury companies.
Nearly 5,000 BTC in Treasury
To date, ProCap has raised over $750 million, deploying more than $500 million into bitcoin purchases. The firm’s current holdings stand at 4,950 BTC, which, at a price of roughly $1,09,021.23 per bitcoin, places it as the 13th-largest corporate bitcoin holder worldwide.
Valuation Shows Room for Upside
Pompliano shared internal figures suggesting ProCap’s valuation may trail behind comparable firms. According to the data, ProCap’s shares currently trade at an implied modified Net Asset Value (mNAV) premium of 1.3x.
In comparison, peer firms like Cantor Equity Partners (CEP) command significantly higher multiples, trading around 2.2x. This lower multiple hints at potential upside for ProCap’s valuation if it closes the gap with industry peers.
Merger Offers Downside Protection
The merger structure includes a protective feature for CCCM shareholders. Those holding shares as of the record date for the merger vote will have the option to redeem their shares for cash held in CCCM’s trust account.
Following CCCM’s May IPO, the pro rata trust value is estimated to be around $10 per share. Pompliano has indicated that the maximum potential downside for investors is about $0.55 per share, assuming the trust value holds steady.
Pathway to Higher Valuation
If ProCap’s mNAV premium were to increase to match CEP’s 2.2x multiple, Pompliano projects that the combined entity’s share price could climb to approximately $17.82 per share after the merger.
This structure provides investors with a balanced risk-reward profile, offering downside protection through redemption rights while leaving the door open for substantial gains should ProCap’s valuation align with industry benchmarks.
