09:25 AM EDT, 06/23/2025 (MT Newswires) -- Columbus Circle Capital Corp. I (CCCM) said Monday it has entered into a definitive deal for a business combination ProCap BTC.

ProCap BTC, founded by investor Anthony Pompliano, will operate as ProCap Financial, with up to $1 billion in bitcoin on its balance sheet, the companies said.

Entities in the proposed deal have raised $516.5 million in equity and $235 million in convertible notes, the companies said.

Under the terms, security holders of Columbus Circle, a special purpose acquisition company, and ProCap BTC will receive, as consideration, newly-issued securities of the combined company.

The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial's balance sheet.

The deal is expected to be completed before the end of the year.

Shares in Columbus Circle Capital were down 20% in premarket trading.