Based on the BTC HODLer’s own data, ProCap, led by Anthony Pompliano, seems to be outperforming competitors.

Anthony Pompliano’s ProCap Sets Sights on $1B Merger as Bitcoin Holdings Approach 5,000 BTC

ProCap BTC, the investment firm founded by well-known bitcoin advocate Anthony Pompliano, is preparing for a major leap forward. The firm has announced plans to merge with Columbus Circle Capital Corp 1 (CCCM) in a deal valued at $1 billion, a move that would solidify ProCap’s position as a leading publicly listed bitcoin treasury company.

Building a Significant Bitcoin Treasury

ProCap has already amassed more than $750 million in capital, with over $500 million of that deployed into acquiring bitcoin. The firm currently holds 4,950 BTC, placing it among the world’s largest publicly reported corporate bitcoin holders. At the current price of roughly $1,09,021.23 per BTC, ProCap ranks as the 13th-largest corporate holder globally.

Potential Undervaluation Compared to Peers

Pompliano shared internal valuation data suggesting that ProCap may be trading at a discount relative to similar firms in the market. Based on these figures, ProCap’s shares are priced at an implied modified Net Asset Value (mNAV) premium of 1.3x.

In comparison, competitors like Cantor Equity Partners (CEP) are valued at significantly higher multiples, around 2.2x. This suggests that ProCap could be undervalued, leaving room for its share price to climb if valuations move closer to peer levels.

Merger Deal Offers Downside Cushion for Investors

A key feature of the proposed merger is the redemption right for CCCM shareholders. Investors holding CCCM shares as of the record date for the special meeting to approve the transaction will have the option to redeem their shares for cash held in CCCM’s trust account.

Following CCCM’s IPO in May, the pro rata trust value is estimated at roughly $10 per share. Pompliano indicated that the maximum downside exposure for investors is limited to approximately $0.55 per share, assuming the trust’s value remains stable.

Significant Upside Potential in Play

Should ProCap’s mNAV premium rise to match CEP’s 2.2x multiple, Pompliano projects that the merged entity’s share price could reach about $17.82 per share.

This merger structure provides investors with a balanced risk-reward opportunity, offering downside protection through redemption rights while leaving substantial upside potential if ProCap’s valuation adjusts in line with industry peers.