U.S. investor and entrepreneur Anthony Pompliano announced Monday the formation of a new bitcoin treasury company that aims to hold up to $1 billion worth of bitcoin (BTC-USD) on its balance sheet.
Pompliano’s financial services firm, ProCap BTC, will merge with Columbus Circle Capital I—a special purpose acquisition company (SPAC)—to form ProCap Financial, a dedicated bitcoin treasury firm, according to a statement released Monday.
Bitcoin treasury strategies, where companies allocate part of their cash reserves to bitcoin, have grown in popularity since software firm Strategy began accumulating the digital asset in 2020. Strategy now holds more than $63 billion worth of bitcoin, setting a precedent that others have sought to emulate.
The announcement comes amid broader moves by U.S. President Donald Trump to reshape crypto policy, including proposals to establish a national bitcoin reserve, following his outreach to the crypto industry during his campaign.
Pompliano, one of the most prominent investors in the crypto sector in recent years, said ProCap BTC has already secured $500 million in equity funding and $250 million through a convertible note—marking what he called the largest initial fundraising round ever for a bitcoin treasury company.
Unlike traditional bitcoin treasury firms that primarily focus on long-term holding, ProCap Financial plans to actively generate revenue and profit using its bitcoin holdings. Pompliano outlined a strategy that includes lending, derivatives, and other financial products and services.
He also noted that major institutional players—including Citadel, Susquehanna, Jane Street, and Magnetar—have committed capital to the project. Crypto-focused firms such as Off the Chain Capital, Pantera, CoinFund, Parafi, Blockchain.com, and FalconX were also named as backers.
Reuters could not independently confirm these firms’ involvement in ProCap Financial.
“The legacy financial system is being disrupted by bitcoin right before our eyes,” Pompliano said. “Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate sustainable revenue and profits from our bitcoin holdings.”
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