Anthony Pompliano’s ProCap BTC Completes SPAC Merger, Becomes ProCap Financial
Anthony Pompliano’s bitcoin treasury firm, ProCap BTC, has finalized its SPAC merger with Columbus Circle Capital (BRR), closing late Friday. The newly combined company will trade on the Nasdaq under the ticker BRR starting Monday, now rebranded as ProCap Financial.
This year has been brutal for bitcoin treasury companies (BTCTCs), most of which have lost 90% or more of their value post-SPAC. High-profile examples like KindlyMD (NAKA) and Strive (ASST) now trade below $1. BRR itself had previously held near its $10 offering price, closing at $10.15 on Nov. 28 as investors speculated about alternative merger options. Once the deal became imminent, BRR shares plunged over 50%, finishing at $4.36.
Pompliano addresses investor concerns
A common criticism of BTCTCs has been the generous compensation packages for management and boards, raising questions about investor value in a model that largely involves buying and holding bitcoin.
Pompliano responded by announcing a $1 annual salary with no guaranteed bonus. Any equity awards will only vest if the stock reaches $15 per share, while the board has agreed to defer compensation until specific price milestones are met.
The measures aim to align management incentives with shareholders, addressing concerns after a volatile year for the bitcoin treasury sector.
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