Bitcoin-focused treasury company ProCap BTC, led by Anthony Pompliano, has completed its merger with special purpose acquisition company Columbus Circle Capital (BRR).
The combined entity, renamed ProCap Financial, will begin trading on the Nasdaq under the BRR ticker starting Monday.
Despite the milestone, shares plunged more than 50% this week as investor confidence in SPAC-driven bitcoin treasury companies remains weak.
Many similar firms formed hastily during the bull market have suffered major declines, with several—such as KindlyMD (NAKA) and Strive (ASST)—now trading below $1.
The sector’s performance highlights the challenges facing BTC-centric corporate treasury models.
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