ProCap Financial has joined the growing list of firms seeking to become publicly traded bitcoin treasuries, announcing plans to go public through a merger with Columbus Circle Capital Corp. I, a special purpose acquisition company (SPAC).

The firm was founded by investor and crypto entrepreneur Anthony Pompliano, who confirmed raising over $750 million in funding, including $235 million through convertible debt.

The remaining capital was secured through equity financing. Unlike several other companies still navigating regulatory hurdles, ProCap says it is ready to begin purchasing bitcoin immediately.

The company intends to eventually hold up to $1 billion worth of bitcoin on its balance sheet. At the same time, it is building a suite of financial services that includes lending, trading, and capital markets.

Several companies are pursuing bitcoin-focused strategies aimed at stock market investors, such as Trump Medias $2.5 billion reserve plan. This trend mirrors the model adopted by Michael Saylors Strategy, which used public company status to build a bitcoin treasury. However, ProCap says its approach involves creating a broader business model by offering bitcoin-denominated financial services in addition to holding the asset.

According to Pompliano, the goal is to construct a full-service financial platform that mirrors traditional Wall Street institutions but is built entirely on bitcoin rather than fiat currency. The companys backers will have immediate exposure to bitcoin.

In a statement to CNBC, Pompliano explained,

Many companies don’t care about the cost of capital. We do. We are traditional capital allocators we care about building a sustainable business that generates cash flow.