Anthony Pompliano (Harry Murphy/Getty Images)

Anthony Pompliano announces $1 billion SPAC deal to jumpstart ProCap Financial, a new bitcoin treasury firm

Sequans Communications also disclosed a $384 million investment to roll out its bitcoin treasury initiative today.

6/23/25 9:55AM

Entrepreneur Anthony Pompliano announced today a $1-billion deal with a special purpose acquisition company (that is, a SPAC) to establish ProCap Financial Inc. as a publicly-traded, bitcoin-native financial services company.

Pompliano said on X, “The company will be a publicly traded entity on Nasdaq at the conclusion of the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle Capital Corp I, a publicly traded SPAC.”

According to the press release, the two entities raised $516.5 million in equity and $235 million in convertible notes to create the new firm, “the largest initial fundraise in history for a public bitcoin treasury company.”

Sequans Communications, a supplier of 5G semiconductors, also announced a bitcoin treasury initiative Monday. The firm is issuing and selling $195 million in equity securities and $189 million in a principal amount of convertible secured debentures, and will partner with US-based company Swan Bitcoin to help with its treasury strategy operations.

The announcements of ProCap Financial and Sequans Communications come as more corporate firms initiate digital asset treasuries, such as Trump Media and GameStop.

Even though Michael Saylor’s Strategy, the pioneer in bitcoin treasuries, has seen extraordinary gains in the price of its shares, the pivot to bitcoin may be losing its luster.

“I don’t think it’s set to lose its appeal anytime soon. It’s still another risk asset which, if you believe price predictions, will benefit your balance sheet in the long-term,” Nicolai Søndergaard, a research analyst at blockchain analytics firm Nansen, told Sherwood News.

However, Maksim Tkachuk, an analyst at on-chain data platform Santiment, expressed a cautionary skepticism. “There’s only so many failed companies and mattress salesmen that bitcoin can accommodate without toppling,” he told Sherwood.

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Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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