Another treasury company.
Another SPAC:
Pompliano would lead a group called ProCapBTC under the terms of the deal under discussion, the people said. ProCapBTC would then look to raise $500mn in equity and $250mn in convertible debt as part of a merger with Columbus Circle Capital 1, a publicly traded blank cheque vehicle backed by New York boutique investment bank Cohen & Company.
I missed this:
A longtime advocate of cryptocurrencies who is prolific on social media, Pompliano recently raised $220mn for his own, separate blank cheque vehicle, which is not involved in the crypto-buying deal.
This other vehicle is called "ProCap" and not "ProCapBTC." I'm confused. Maybe you get better terms having many treasury companies than one big one?
Damn Pomp has a serious bag behind him. I thought. BlockFi wiped him out
Nah I think he just destroyed his podcast with ambitious but tasteless production decisions lol
Top?
when you see pomp making the rounds....yes.
even the bulls have to be getting nauseous by now, but this is all debt fueled: sell equity to people who buy it by taking on debt and take on your own debt, which is provided by other debt-rich folk, and buy bitcoin. i don't see a fundamental reason why it'd stop soon - it's not like housing or something that's grounded in the utility of shelter and shelter-needers run out - the ground never runs out.
afaict either interest rates would need to go crazy high (which they won't) or we'll need some bitcoin-side catastrophe (like an exchange default or something).
Oh, faith in credit markets could collapse too I guess. That or an exchange default seem the most likely.
Obvs, here we go