---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-062577"
form_type: "8-K"
ticker: "COHN"
cik: "0001270436"
company_name: "Cohen & Co Inc."
filed_at: "2025-06-25T23:59:59+00:00"
generated_at: "2026-05-18T19:03:54.002130+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-062577
- form_type: 8-K
- ticker: COHN
- cik: 0001270436
- company_name: Cohen & Co Inc.
- filed_at: 2025-06-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1270436/000110465925062577/0001104659-25-062577-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1270436/000110465925062577/tm2518977d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-062577
- JSON: https://secwatch.observer/filing/0001104659-25-062577.json
- Plain text: https://secwatch.observer/filing/0001104659-25-062577.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.