Catenaa, Sunday, December 14, 2025- Anthony Pompliano’s bitcoin treasury firm, ProCap BTC, has closed its SPAC merger with Columbus Circle Capital (BRR), creating ProCap Financial, which will trade on Nasdaq under the BRR symbol starting Monday.
The deal comes as bitcoin treasury companies have struggled this year, with most losing 90% or more of their value post-SPAC.
BRR shares fell sharply, dropping more than 50% this week to close at $4.36, after hovering near the $10 offering price in recent months.
Pompliano, co-founder of the firm, pledged a $1 annual salary and no guaranteed bonus, with equity compensation tied to stock performance, aiming to align management with shareholder interests.
The board similarly agreed that equity rewards will only vest if share price targets are met.
The merger positions ProCap Financial to manage bitcoin treasuries publicly, though the sector faces scrutiny over executive compensation and investor returns.
Despite the market turbulence, the company plans to leverage its $750 million raised to build a regulated bitcoin treasury platform for institutional and retail investors.
Market observers noted that the sector’s underperformance and investor skepticism have created heightened volatility for newly listed BTCTCs, emphasizing the importance of performance-linked incentives for management teams.
