The competition to create a publicly released Bitcoin Treasury is accelerating.
The latest participant, Procap Financial, has raised over $750 million and is published through a special purpose acquisition company (SPAC) at Columbus Circle Capital Corp. I.
Leading by investor and podcast host Anthony Pulliano, Procap has raised more than $750 million funding rounds, including $255 million, including profitable debt. The new company aims to maintain up to $1 billion in Bitcoin on its balance sheet and generate revenue through the financial services platform that full-stack Bitcoin has rejected.
The rush to the Treasury of Bitcoin, bulging by cheap capital, yield promises and support for the brand name, is beginning to resemble the bubble.
“When I see the bubbles forming, I see an old quote from George Soros when I see them rushing to add fuel to the fire,” Poliano said. “There’s a reason why bubbles form, because trends work.”
Procap will use reverse mergers and blank check vehicles to take advantage of the open market by participating in a growing cohort of Bitcoin-heavy ventures.
from Trump Media“A growing number of companies are competing with the $2.5 billion Bitcoin Financial Plan and the Nakamoto Fund that jacks Mullers to provide stock market exposure to Bitcoin.
Like Justin Sun, the founder of Tron, he uses reverse mergers to expose Crypto Business. In the case of Sun, the blockchain platform is folded into a toy maker registered with Nasdaq. Others like Mallers have launched dedicated Bitcoin holdings, backed by heavyweight investors Tether And Softbank.
Trump Media is not a company from crypto, but it accepts a playbook of funding to buy Bitcoin and promote assets through related ventures.
Everything follows a burning path strategyMichael Saylor: Turning public companies into Bitcoin proxy.
But Procap says it’s pushing beyond that model, aiming to not only hold Bitcoin, but also build a financial services platform on top of it.
“Most other companies raised capital that was sitting in cash while waiting for transactions to close,” Pompliano told CNBC. “We’re buying Bitcoin right away.”
He added that Procap’s stock investors have been exposed directly from day one.
This structure gives Procap the unusual first-movers edge in spaces where many transactions are weeks or months after closing. Some have not submitted S-4s yet. It also sets up a new phase stage for Bitcoin Proxy Trade. Not only does it hold Bitcoin, it also generates yields from it.
“We want to build a major Bitcoin native financial services company,” Pompliano said. “Like a traditional Wall Street company, but on the Bitcoin balance sheet instead of dollars.”
Procap will provide services such as lending, trading and capital markets. The goal is to replicate the architecture of Goldman Sachs or Canter Fitzgerald, which was rebuilt from the ground up in Crypto.
“The goal is to look and feel like a traditional financial institution,” he added. “It resonates very differently with capital allocators.”
Procap’s pitch to investors is that it’s not just chasing momentum. It is building infrastructure for what Pulliano calls the new financial system. It’s running on Bitcoin, but I’m familiar with the institutions that are still sitting on the sidelines.
“Many companies don’t care about the cost of capital. We do,” he added. “We are traditional capital allocators. We are interested in building sustainable businesses that generate cash flow.”
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