CCCM SPAC to merge with ProCap BTC, forming bitcoin treasury company with $751.5M raised

Columbus Circle Capital Corp. I

Deal valued at up to $1B in bitcoin on balance sheet; combined entity to be named ProCap Financial.
$516.5M in preferred equity and $235M in zero-coupon convertible notes raised; largest initial fundraise for a public bitcoin treasury company.
Institutional investors include Magnetar Capital, Woodline Partners, Anson Funds, Blockchain.com, and others.
Convertible notes: 130% conversion, zero interest, up to 36-month maturity, 2x collateralized by cash/bitcoin.
ProCap Financial to be led by Anthony Pompliano; plans to generate revenue and profit from bitcoin holdings.

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