---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-120791"
form_type: "8-K"
ticker: "BRR"
cik: "0002076163"
company_name: "ProCap Financial, Inc."
filed_at: "2025-12-11T23:59:59+00:00"
generated_at: "2026-05-16T13:34:34.396431+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# ProCap Financial completes de-SPAC; $516.5M preferred equity, $235M convertible notes, ~4,951 BTC acquired

## Summary
- Closed de-SPAC with Columbus Circle Capital; common stock (BRR) and warrants (BRRWW) list on Nasdaq.
- Raised $516.5M in preferred equity at $10/unit; proceeds purchased ~4,951 Bitcoin at ~$104,333.56 avg.
- Issued $235M in convertible notes (97% par); zero interest, 130% conversion, 36-month maturity, 2x collateral.
- Sponsor and seller earnout: 8.33M and 9.5M shares tied to stock price ≥$10.21 or BTC VWAP ≥$140k within 2 years.
- Common unit holders locked up for 6 months; no Adjustment Shares issued at closing.

## SEC filing metadata
- accession: 0001213900-25-120791
- form_type: 8-K
- ticker: BRR
- cik: 0002076163
- company_name: ProCap Financial, Inc.
- filed_at: 2025-12-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.01, 9.01, 5.02, 3.02, 2.03, 3.03, 5.03, 5.01, 5.05, 5.06, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2076163/000121390025120791/0001213900-25-120791-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2076163/000121390025120791/ea0268757-8k_procap.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-120791
- JSON: https://secwatch.observer/filing/0001213900-25-120791.json
- Plain text: https://secwatch.observer/filing/0001213900-25-120791.txt

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