The new entity, called ProCapBTC, will reportedly secure $500 million in fresh equity commitments alongside $250 million in convertible debt.
The fundraising would follow a merger with Columbus Circle Capital 1, a special purpose acquisition company, or SPAC, which went public in May with backing from investment bank Cohen & Company Capital Markets.
The deal’s terms have not been finalized but could be announced as soon as next week, according to the report.
Columbus Circle Capital 1 is one of several SPACs sponsored by Cohen & Company, a New York Stock Exchange-listed firm that has become increasingly active in the digital asset sector.
The bank, which has its roots in traditional capital markets and asset management, has expanded into auditing, tax and advisory services for cryptocurrency exchanges, token issuers, non-fungible tokens (NFTs), and decentralized finance projects.
Columbus Circle Capital 1 raised $250 million in an initial public offering in May 2025, specifically to target mergers with companies in emerging sectors like blockchain and digital payments.
The reported launch of ProCapBTC comes on the heels of Pompliano’s successful listing of ProCap Acquisition, another SPAC focused on the financial technology sector. ProCap Acquisition debuted on the Nasdaq in April and raised $250 million by selling 25 million units at $10 each.
Pompliano, a well-known Bitcoin advocate and podcast host, has not confirmed the reported merger plan for ProCapBTC on social media or through official statements.
If finalized, the deal would add to a recent wave of large institutional Bitcoin investment vehicles, underscoring renewed appetite for direct exposure to Bitcoin amid growing acceptance of the digital asset class.
