Anthony Pompliano's ProCap, recently shared an update on its progress and valuation metrics. ProCap has entered into a $1 billion business combination agreement with Columbus Circle Capital Corp 1 (CCCM).

As part of the deal, ProCap has raised over $750 million and already deployed more than $500 million to purchase bitcoin (BTC), amassing a treasury of 4,950 BTC. This makes ProCap, the 13th largest public holder of bitcoin globally.

The data and analysis presented by Pompliano comes directly from ProCap and refer to implied multiple Net Asset Value (mNAV) premiums.

According to ProCap’s analysis, the company’s stock is currently trading at the lowest implied mNAV premium among a group of bitcoin treasury companies, at 1.3x, compared to peers like Cantor Equity Partners ( CEP ) at 2.2x. This low mNAV multiple suggests ProCap BTC LLC could be undervalued relative to other bitcoin treasury firms.

A significant feature of the proposed business combination is the redemption right for CCCM shareholders. Investors who hold CCCM stock as of the record date for the special meeting to approve the business combination will have the right to redeem their shares for the cash held in trust.

As of the closing of CCCM’s initial public offering in May, this pro rata trust value is anticipated to be about $10 per share. The maximum loss for investors is approximately 55 cents per share if the trust value holds at around $10 according to Pompliano.

However, if ProCap implied mNAV premium rises to match that of Cantor Equity Partners ( CEP ) , the post-deal stock price could reach about $17.82 per share.

Read more: Anthony Pompliano's ProCap BTC Buys $128M of Bitcoin in 2nd Straight Day of Purchases