Pompliano’s ProCap is merging with Columbus Circle to launch a $1 billion bitcoin treasury firm.
They’ve already raised $750M from Citadel, Jane Street, Susquehanna & other dark wizards of TradFi. The twist? It’s not just a "HODL and pray" strategy. They’re stacking sats and chasing yield: custody games, lending, derivatives.
Feels like the final boss version of MicroStrategy… but with a cashflow sheet and SEC hair gel.
Why this matters:
- Size: A billion dollar treasury play isn’t niche it’s cannonballing into the mainstream.
- Playbook evolution: Raise convertible debt → buy bitcoin → monetize the hype premium → repeat.
- Signal to midcaps: If this works, expect a wave of “ProCap‑lite” firms coming soon to a NASDAQ near you.
Oh, and this is how cycles mutate: first they ignore you, then they buy in, then they optimize your stack and sell you synthetic yield with a smile.
Red flags?
- This thing is leverage on leverage. If BTC wobbles, it’s margin call city.
- Who audits the custodian? Nobody knows.
- Yield hunting? That's how BlockFi died.
But... if they survive, they might onboard more boomers to Bitcoin than any ETF ever will.