Crypto entrepreneur and influencer Anthony Pompliano is reportedly preparing to spearhead a major Bitcoin investment initiative through a new entity called ProCapBTC, which could soon go public via a merger with a SPAC.
$750 million fundraising plan to acquire Bitcoin
According to a report by the Financial Times, Pompliano is in discussions to become CEO of ProCapBTC, an investment vehicle focused on acquiring large quantities of Bitcoin. The company is expected to raise up to $750 million ($500 million in equity and $250 million in convertible debt) through a merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) backed by investment bank Cohen & Company.
The merger, which is still under negotiation, could be announced as soon as next week. If finalized, the deal would position ProCapBTC as a publicly traded Bitcoin acquisition company, echoing similar treasury strategies employed by firms like MicroStrategy. A full deployment of $750 million into Bitcoin would place the firm among the top institutional BTC holders, just outside the top 10.
The top 10 publicly-traded companies by BTC holdings. Image source: BitcoinTreasuries.
Pompliano already leads another SPAC, ProCap Acquisition Corp, which raised $250 million in a Nasdaq debut in May. Shares of ProCap Acquisition (PCAPU) have seen a notable uptick in June, rising from $10.60 to $11.40 before closing at $11.30 on Thursday. However, the relationship between ProCap Acquisition and the new entity, ProCapBTC, remains unclear.
Despite widespread speculation, Pompliano has yet to confirm his involvement in the reported SPAC merger. He and representatives from Cohen & Company declined to comment on the ongoing discussions, according to multiple media outlets.
This development underscores a broader wave of crypto-linked public offerings. Last week, stablecoin issuer Circle saw its stock soar 168% on its debut, while Bullish Group, the parent of CoinDesk and Bullish Exchange, is reportedly eyeing an IPO.
Corporates, ETFs and governments control over 30% of Bitcoin’s circulating supply
A joint report from Gemini and Glassnode reveals that centralized entities now hold over 30% of Bitcoin’s circulating supply, more than 6.1 million BTC. This marks a 924% increase since 2015, underscoring the growing institutionalization of the Bitcoin market.
Distribution of BTC treasury holdings by different entity types. Image source: Bitcoin Adoption, Volatility and Market Cap report by Gemini and Glassnode.
The report examines 216 major holders across exchanges, ETFs, public and private companies, DeFi protocols, and governments. Exchanges hold the most BTC, while public companies are the most numerous. In most categories, just three entities control up to 90% of total holdings, highlighting the influence of early institutional adopters.
Although exchange-held BTC has declined, most of this has moved into ETFs and funds, especially U.S. spot ETFs launched in 2024. Custody across the broader spot trading sector has remained stable at 3.9M – 4.2M BTC since mid-2021.
Sovereign treasuries, particularly the U.S., U.K., China, and Germany, hold substantial amounts of BTC, often from legal seizures. The U.S. formalized this with the Strategic Bitcoin Reserve (SBR), repurposing seized assets as sovereign reserves under an executive order issued in March 2025.
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