Crypto entrepreneur and influencer Anthony Pompliano is reportedly preparing to lead the major Bitcoin investment initiative through a new entity called Procapbtc.
$750 million funding plan to acquire Bitcoin
According to a report from the Financial Times, Pompliano is being discussed to become CEO of ProcapbtC, an investment vehicle focused on acquiring a large amount of Bitcoin. The company plans to raise up to $750 million ($500 million in equity and $250 million in conversion obligations) through the merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) backed by investment bank Cohen & Company.
The merger still under negotiation could be announced soon next week. If finalized, the agreement positions ProcapBtc as a publicly available Bitcoin acquisition company and echoes similar financial strategies employed by companies such as MicroStrategy. The full $750 million deployment to Bitcoin places the company among top institutional BTC holders just outside the top 10.
Top 10 public companies by BTC Holdings. Image source: Bitcointreasuries.
Pulliano already leads another SPAC, Procap Acquisition Corp, raising $250 million in Nasdaq’s debut in May. Procap Acquisition (PCAPU) stocks rose from $10.60 to $11.40 before closing at $11.30 on Thursday, seeing a notable rise in June. However, the relationship between Procap’s acquisition and its new entity, Procapbtc, remains unknown.
Despite widespread speculation, Pompliano has yet to confirm any reported involvement in the SPAC merger. According to multiple media outlets, he and representatives of Cohen & Company declined to comment on the ongoing debate.
This development highlights a broader wave of cryptography-related formulas. Last week, Stablecoin Issuer Circle saw its stocks surge 168% on its debut, with Coindesk and Bullish Group reportedly focusing on IPOs.
Companies, ETFs and governments control over 30% of the circular supply of Bitcoin
A joint report between Gemini and GlassNode reveals that centralized entities currently hold more than 30% of Bitcoin’s circular supply, 6.1 million btc. This has increased 924% since 2015, highlighting the growing institutionalization of the Bitcoin market.
Distribution of BTC financial holdings by various entity types. Image source: Bitcoin adoption, volatility and market capitalization report by Gemini and GlassNode.
The report examines 216 key holders of exchanges, ETFs, public and private companies, Defi protocols, and government. Exchanges hold the most BTC, while public companies have the most. In most categories, only three entities manage up to 90% of total holdings, highlighting the impact of early institutional recruits.
Exchange-HELD BTC has declined, but most of this has moved to ETFs and funding, particularly to spot ETFs in the US, launched in 2024.
The Sovereign Treasury Department, particularly the US, UK, China and Germany, often carry a substantial amount of BTC from legal seizures. The US officially made it into a Strategic Bitcoin Reserve (SBR) and reused assets seized as sovereign reserves under an executive order issued in March 2025.
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