Cohen & Co. affiliate SPAC signs $751.5M bitcoin-focused business combination with ProCap

Cohen & Co Inc.

Columbus Circle Capital I (CCCMU) entered definitive agreement to combine with ProCap Financial and ProCap BTC.
$516.5M preferred equity and $235M convertible note financing raised to purchase bitcoin.
Cohen & Company subsidiary served as lead underwriter for SPAC IPO and co-placement agent for the financing.
Cohen holds approx. 2.15 million founder shares in the SPAC, convertible into ProCap common stock upon closing.
Preferred equity proceeds to buy bitcoin within 15 days via custodial arrangement with Anchorage Digital Bank.

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