What to know:
- ProCap BTC LLC, the brainchild of the ever-optimistic Anthony Pompliano, has managed to raise over $750 million, with a whopping $500 million already tucked away in the form of bitcoin, and a rather impressive 4,950 BTC in its coffers. 🤑
- For those holding shares in CCCM, the good news is that you can redeem them for about $10 each, which means the worst-case scenario is a mere 55 cents in the red. However, if ProCap’s mNAV premium aligns with its peers, your shares could soar to a delightful $17.82. 🚀
Anthony Pompliano, the man who seems to have a Midas touch when it comes to digital gold, has recently shared a rather rosy update on ProCap’s progress and valuation metrics. ProCap, in a move that could only be described as a masterstroke, has entered into a $1 billion business combination agreement with Columbus Circle Capital Corp 1 (CCCM). 🤝
As part of this grand alliance, ProCap has not only raised over $750 million but has also deployed more than $500 million to purchase bitcoin, amassing a treasury that would make Scrooge McDuck envious—4,950 BTC to be precise. This feat has catapulted ProCap to the 13th largest public holder of bitcoin globally. 🏆
The data and analysis presented by Pompliano, a man who could sell ice to Eskimos, come directly from ProCap and refer to implied multiple Net Asset Value (mNAV) premiums. According to ProCap’s analysis, the company’s stock is currently trading at the lowest implied mNAV premium among a group of bitcoin treasury companies, at a modest 1.3x, compared to the more extravagant 2.2x of Cantor Equity Partners (CEP). This suggests that ProCap BTC LLC might be the bargain of the century, or at least the decade. 🤑
A significant feature of the proposed business combination is the redemption right for CCCM shareholders. Investors who hold CCCM stock as of the record date for the special meeting to approve the business combination will have the right to redeem their shares for the cash held in trust. As of the closing of CCCM’s initial public offering in May, this pro rata trust value is anticipated to be about $10 per share. The maximum loss for investors, should the trust value hold steady at around $10, is a mere 55 cents per share, a pittance in the grand scheme of things. 🤷♂️
However, if ProCap’s implied mNAV premium rises to match that of Cantor Equity Partners (2.2x), the post-deal stock price could reach a rather fetching $17.82 per share. Now, that’s what I call a happy ending! 🎉
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2025-07-09 13:05