Anthony Pompliano’s ProCap BTC Completes SPAC Merger, Rebrands as ProCap Financial
Anthony Pompliano’s bitcoin treasury firm, ProCap BTC, has finalized its SPAC merger with Columbus Circle Capital (BRR), closing late Friday. The newly combined company will trade on Nasdaq under the ticker BRR starting Monday as ProCap Financial.
Bitcoin treasury companies (BTCTCs) have struggled this year, with most losing 90% or more post-SPAC. High-profile names like KindlyMD (NAKA) and Strive (ASST) now trade below $1. BRR shares had previously hovered near their $10 offering price, even closing at $10.15 on Nov. 28 amid speculation the merger might be delayed. Once completion was confirmed, BRR dropped more than 50%, closing at $4.36.
Pompliano addresses investor concerns
Criticism of BTCTCs has focused on generous management and board compensation. In response, Pompliano announced he will take a $1 annual salary with no guaranteed bonus, with equity awards vesting only if the stock reaches $15 per share. The board will also defer compensation until the company hits specific price milestones, aligning management incentives with shareholders.
These steps aim to restore confidence after a turbulent year for the bitcoin treasury sector.
