Professional Capital Management CEO Anthony Pompliano has announced a $1 billion merger to launch ProCap Financial, a new Bitcoin-focused financial services firm.

The company, formed through a business combination with Columbus Circle Capital Corp. I , plans to hold up to $1 billion worth of Bitcoin (CRYPTO: BTC) on its balance sheet.

The deal represents the largest initial fundraising in history for a publicly traded Bitcoin treasury company: $516.5 million in equity and $235 million in convertible notes.

Pompliano's venture secured backing from a mix of institutional and crypto-native investors including Magnetar Capital, Woodline Partners, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX.

Morgan Creek Capital founder Mark Yusko, Main Street Ventures founder Jason Williams, Semler Scientific’s Eric Semler, renowned poker player Tony Guoga, and Eight Sleep CEO Matteo Franceschetti also participated.

ProCap Financial aims to actively acquire bitcoin and generate revenue from its holdings through diversified, risk-managed strategies.

Also Read: Investors Poured Billions Into Bitcoin And Ethereum Even As Iran-Israel Tensions Escalated

“The legacy financial system is being disrupted by Bitcoin. ProCap Financial represents our solution to the increasing demand for Bitcoin-native financial services among sophisticated investors,” Pompliano said.

The company plans to offer financial services that leverage its bitcoin treasury. It aims to position itself as a leader in the emerging market for digital asset-backed financial platforms.

ProCap's public listing will provide equity investors with immediate exposure to Bitcoin through the company's balance sheet structure.

The merger and initial capital raise signal growing institutional appetite for Bitcoin treasury companies, a trend previously accelerated by firms like MicroStrategy ( MSTR ) and Metaplanet, which have aggressively accumulated bitcoin to diversify their corporate treasuries.

Read Next:

This Record Credential Leak Could Change How You Log In Forever —Here’s Why

Image: Shutterstock