Industry News

Global law firm Reed Smith LLP is pleased to announce its role as legal counsel to entrepreneur and investor Anthony Pompliano and his company ProCap BTC, LLC in connection with a transformative $750 million capital raise and business combination that will form ProCap Financial, Inc. – the largest initial fundraise in history for a bitcoin treasury company.

ProCap Financial will be created through a business combination between ProCap BTC and Columbus Circle Capital I (CCCM), a Cayman Islands -based SPAC sponsored by leading investment bank Cohen & Company, Ltd. Upon closing of the transaction, the newly formed entity is expected to list on Nasdaq.

Mr. Pompliano who will serve as Founder and Chief Executive Officer of ProCap Financial which aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. The company plans to differentiate itself by using their bitcoin balance sheet to generate revenue and profit through a variety of strategies, including but not limited to lending, staking, derivatives, and other products and services.

The $750 million capital raise includes participation from a syndicate of leading institutional investors including Citadel , Susquehanna, Jane Street , Magnetar, Off the Chain Capital , Pantera Capital , and Adam Back , CEO of Blockstream and early bitcoin pioneer. These investors have committed capital through a combination of equity and convertible instruments, with the company also structured to purchase and hold bitcoin on day one of operations.

"This deal marks a defining moment in the institutional adoption of bitcoin , which is no longer viewed as speculative but a core strategic asset for public and pre-public companies alike," said Constantine Karides , chair of Reed Smith’s Crypto and Digital Assets Group .

"ProCap’s approach–combining sophisticated capital execution with bitcoin -native strategies–exemplifies how the next generation of financial services will be built. We’re proud to help pioneers like Anthony Pompliano bring financial innovation to the public markets in a way that’s both compliant and catalytic for the next era of asset management."

The Reed Smith team was led by Karides, along with capital markets partners Katherine Geddes and Lynwood Reinhardt .

Reed Smith recently served as legal counsel on Trump Media and Technology Group Corp.’s groundbreaking $2.5 billion bitcoin treasury deal and the merger between health care company KindlyMD, Inc. (KDLY) and Nakamoto Holdings Inc. , a bitcoin -native holding company, to start a bitcoin treasury strategy.