Anthony Pompliano, a high‑profile crypto influencer and podcast host with 1.7 million followers on X, is poised to become chief executive of ProCapBTC—a publicly traded investment vehicle planning to raise $750 million to buy bitcoin. This story was originally reported by the Financial Times.
The SPAC Deal and Fundraising Strategy
Pompliano is in talks to combine ProCapBTC with Columbus Circle Capital 1, a SPAC backed by Cohen & Company. The combined entity would seek $500 million in equity funding and $250 million in convertible debt financing to bankroll its bitcoin acquisition strategy. Columbus Circle launched with a $250 million IPO in late May 2025, providing a platform for the proposed merger.
This initiative is part of a broader trend of companies turning to bitcoin treasuries, emulating pioneers such as Michael Saylor’s MicroStrategy and Metaplanet from Japan. Over 126 public companies already hold nearly 820,000 bitcoin collectively; ProCapBTC’s full deployment would make it one of the top ten holders. This move follows Trump-era enthusiasm, as President Trump has publicly branded himself a “pro‑crypto president,” with recent policy rollbacks easing the regulatory climate.
Pompliano’s appointment and the fundraising plan could be announced as early as next week, though discussions are still ongoing and terms are not final. The deal follows Pompliano’s earlier success in raising $220 million through another SPAC he founded, though that vehicle is not connected with ProCapBTC.
Broader Crypto Market Revival
This development aligns with a resurgence in crypto-related public offerings and strategic treasury moves. Circle’s stablecoin IPO soared 168% on its first trading day; Peter Thiel-backed Bullish has filed confidential IPO documents, and Gemini, the Winklevoss-run platform, is preparing for its own listing. Trump Media has also launched a bitcoin treasury effort, aiming to raise around $2.3–$2.5 billion for crypto purchases.
Regulatory and Political Tailwinds
The Trump administration’s crypto-positive stance—with a task force, pardons, and creation of a Strategic Bitcoin Reserve—has helped fuel investor confidence in these strategies. SEC charges have been dismissed against firms like Coinbase, Kraken, and Consensys, while the SEC, chaired by Paul Atkins, has eased enforcement.
Political support transcends party lines. Coinbase appointed former campaign adviser David Plouffe, while also welcoming Trump-linked advisors, highlighting how crypto is gaining bipartisan political muscle.
Is Bitcoin Treasury the New Gold Mine?
The re‑emergence of large-scale bitcoin treasury vehicles is more than a financial strategy; it reflects a profound shift in how digital assets are perceived by corporations and regulators. Thanks to improved policy clarity and political backing, firms feel emboldened to load up on bitcoin for their balance sheets. Pompliano is tapping into this zeitgeist—his ProCapBTC strategy aligns neatly with what many market participants see as the next leg of mainstream crypto adoption.
However, the approach is not without risk. Bitcoin remains volatile. A sharp market downturn could challenge SPACs that leverage convertible debt to fund crypto purchases. History shows that regulatory winds can quickly shift, and political support—while strong now—could wane unexpectedly.
Unquestionably, Pompliano’s proposed SPAC signals a reckoning moment: crypto moves from niche startup investments into institutional-grade financial strategies. But timing remains everything. If ProCapBTC executes well and bitcoin holds its recent highs, it could join the ranks of corporate bitcoin success stories. If not, it may highlight the dangers of chasing crypto exuberance.
