Anthony Pompliano’s own figures suggest that ProCap is delivering stronger results than competing firms.

Anthony Pompliano’s ProCap Pursues $1B Merger as Bitcoin Holdings Climb

ProCap BTC, the bitcoin-focused investment firm led by crypto influencer Anthony Pompliano, has announced plans for a significant corporate move. The firm is set to merge with Columbus Circle Capital Corp 1 (CCCM) in a transaction valued at $1 billion, positioning ProCap as a major player among public bitcoin treasuries.

Nearly 5,000 BTC on the Balance Sheet

ProCap has raised over $750 million to date, deploying more than $500 million into bitcoin acquisitions. As of now, the firm holds 4,950 BTC, which at current prices of around $1,09,021.23 per BTC places its bitcoin holdings among the largest of any public company—ranking it as the 13th-largest corporate BTC holder globally.

Valuation Highlights Potential Discount

Pompliano shared internal analysis revealing ProCap’s valuation relative to its peers. Based on the firm’s figures, ProCap is trading at an implied modified Net Asset Value (mNAV) premium of 1.3x.

By contrast, rivals such as Cantor Equity Partners (CEP) trade at a considerably higher multiple of around 2.2x. This suggests ProCap’s shares could be undervalued, leaving room for price appreciation if its valuation adjusts upward to align with comparable firms.

Merger Provides Built-In Downside Protection

The merger deal offers CCCM shareholders a layer of protection. Investors holding CCCM shares as of the record date for the special meeting to vote on the merger can opt to redeem their shares for cash held in the company’s trust account.

Following CCCM’s IPO in May, the pro rata trust value is anticipated to be roughly $10 per share. According to Pompliano, the maximum downside for investors sits at approximately $0.55 per share, assuming the trust value remains at the projected level.

Significant Upside Potential

If ProCap’s mNAV premium were to rise in line with CEP’s 2.2x multiple, Pompliano estimates the newly combined entity’s share price could reach around $17.82 per share post-merger.

This structure offers investors a compelling risk-reward scenario, balancing limited downside risk through the redemption option with meaningful upside potential if ProCap’s valuation multiples expand.