According to Anthony Pompliano’s post on X, the deal for ProCap BTC includes more than $750 million in capital raised, which he claims is the largest initial fundraise in history for a publicly traded Bitcoin treasury company.

Bitcoin investor Anthony Pompliano announced plans on Monday to take a new crypto-native financial company public via a $1 billion merger, even as investor sentiment toward Bitcoin treasury firms appears to be souring.

The proposed entity will be the result of a business combination between Pompliano’s private company ProCap BTC, LLC, and Columbus Circle Capital Corp I, a publicly traded special purpose acquisition company currently trading under the ticker CCCM. Once completed, the merged company will operate under the name ProCap Financial.

CCCM’s stock dropped more than 2.3% after the opening bell following the news, even as Stocktwits data showed that retail sentiment around the stock has improved to ‘bullish’ from ‘neutral’ over the past day amid ‘extremely high’ levels of chatter. 

According to Pompliano’s post on X, the deal includes more than $750 million in capital raised, which he claims is the largest initial fundraise in history for a publicly traded Bitcoin treasury company. He stated ProCap BTC has raised $500 million in equity and $250 million in a convertible note. 

“ProCap Financial will focus on acquiring bitcoin for its balance sheet, while also developing products and services to produce revenue and profit from the bitcoin on our balance sheet over time,” Pompliano wrote.

Pompoliano’s venture comes at a time when Bitcoin treasury companies are on the rise, partly inspired by the success of Michael Saylor-backed Strategy (MSTR), formerly known as MicroStrategy. MSTR’s stock has gained more than 22% so far this year and 162% in the last 12 months.

Even Bitcoin (BTC), which recently reached an all-time high of nearly $112,000, has not fared as well as Strategy’s stock. Bitcoin’s price has only seen gains of 72% over the past 12 months. 

According to Standard Chartered, Strategy copycats have doubled their holdings in Bitcoin in just the last two months, collectively holding just under 100,000 BTC, as cited by Reuters.

Fueling the trend is a broader shift in regulatory posture under Trump’s administration, where the Senate’s passage of the GENUIS Act, U.S. President Donald Trump’s self-styled role as the ‘Crypto President,’ and a more accommodating SEC have encouraged corporate Bitcoin adoption.

For instance, Circle (CRCL), which holds reserves backing its USDC stablecoin, soared in its IPO debut last week and was buoyed by legislative momentum in Washington. Circle’s stock is up more than 280% since getting listed. 

However, not every company has fared well after adopting a crypto-centric strategy. GameStop’s (GME) shares initially surged when it announced that it would be incorporating Bitcoin (BTC) into its treasury, but the stock has struggled since its first BTC purchase of $25 million in May and has fallen more than 25% over the past month.

According to Stocktwits data, retail chatter around the stock has also fallen in tandem with message volume dropping 77% over the past 3 months. 

Trump Media and Technology Group (DJT), the Trump-owned enterprise behind Truth Social, also announced in May that it would raise $2.5 billion to invest in Bitcoin. DJT’s stock is down 26% since then. Stocktwits data shows that retail chatter around the stock has fallen more than 5% over the past three months.

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