ProCap BTC Announces Executive Team and Appreciation of its Bitcoin Holdings by More Than $60 Million in Less Than 90 Days

Rhea-AI Summary

ProCap BTC (NASDAQ:BRR) has achieved significant milestones in its proposed business combination, including filing Form S-4 with the SEC. The company's strategic purchase of 4,950 Bitcoin at $104,333.56 has appreciated by over $60 million as Bitcoin reached $117,619.71 by September 17, 2025.

The company has strengthened its executive team with key appointments: Megan Pacchia as Chief Operating Officer (former McKinsey Partner), Kyle Wood as Chief Legal and Compliance Officer (former Perkins Coie Partner), joining Jeff Park as Chief Investment Officer. BRR shareholders will be eligible for additional ProCap Financial shares if Bitcoin's price exceeds the signing price at the business combination closing.

Positive

• Bitcoin holdings appreciated by over $60 million in less than 90 days
• Strategic acquisition of 4,950 Bitcoin showing immediate value appreciation
• Strengthened executive team with experienced leaders from McKinsey, Perkins Coie, and Bitwise
• BRR shareholders eligible for additional shares based on Bitcoin price appreciation

Negative

• Pending regulatory approval from SEC for Form S-4
• Business combination completion subject to closing conditions and approvals

Insights

Financial Analyst specialized in Cryptocurrency and M&A

ProCap BTC's Bitcoin strategy yields $60M unrealized gain amid business combination progress, strengthening shareholder value proposition.

ProCap BTC has made significant progress on its business combination with Columbus Circle Capital Corp I (BRR), filing the Form S-4 with the SEC. What stands out immediately is the $60+ million in unrealized gains from their Bitcoin holdings in less than 90 days. The company purchased approximately 4,950 Bitcoin at a time-weighted average price of $104,333.56 per coin, with Bitcoin now trading at approximately $117,619.71 as of September 17.

This strategic Bitcoin acquisition represents a 12.7% appreciation in just three months, demonstrating the potential upside of their Bitcoin-native strategy. Importantly for investors, BRR shareholders who maintain their position through closing will receive additional shares if Bitcoin's price exceeds the original purchase price at closing – creating an embedded Bitcoin price appreciation mechanism for current shareholders.

The company has simultaneously strengthened its executive team by adding Megan Pacchia (COO) from McKinsey with significant operational transformation experience, and Kyle Wood (Chief Legal and Compliance Officer) with extensive fintech and digital asset legal expertise. These appointments, alongside Jeff Park (CIO) who joined in August, indicate the company is building robust operational infrastructure to support its vision of becoming a leading Bitcoin-native financial services firm.

The Bitcoin appreciation has already created substantial unrealized value, essentially pre-funding parts of their growth strategy before the business combination has even closed. This provides a stronger starting position for the combined entity and demonstrates management's ability to time their Bitcoin purchases advantageously – a critical skill for a Bitcoin-focused financial services company.

• ProCap Financial Publicly Files Form S-4
• ProCap BTC Continues to Execute on its Strategy at Fast Pace

NEW YORK, Sept. 18, 2025 /PRNewswire/ -- ProCap BTC, LLC ("ProCap BTC" or the "Company"), a bitcoin-native financial services firm, today announced key milestones in its proposed business combination (the "Business Combination") with Columbus Circle Capital Corp I ("BRR") (Nasdaq: BRR), which includes ProCap Financial, Inc.'s ("ProCap Financial") public filing of a Registration Statement on Form S-4 ("Form S-4") with the U.S. Securities and Exchange Commission ("SEC") on September 18, 2025.

In connection with the Business Combination announced in June 2025, the Company purchased approximately 4,950 Bitcoin at a time-weighted average price of $104,333.56 (the "Signing Price"). Since then, the price of Bitcoin has increased to approximately $117,619.71 as of September 17, 2025, representing a more than $60 million in unrealized gains, highlighting the Company's strategic decision to purchase Bitcoin prior to the close of the Business Combination.

BRR shareholders who hold their shares through the close of the Business Combination will be eligible to receive additional shares of ProCap Financial if the price of Bitcoin at the close of the Business Combination exceeds the Signing Price, as determined under the transaction documents.

"This filing represents a significant milestone in advancing the Business Combination," said Anthony Pompliano, CEO of ProCap BTC. "Our goal is to build the leading bitcoin-native financial services firm. We're especially excited that BRR shareholders who remain invested through the close of the transaction will have the opportunity to participate in Bitcoin's upside through additional equity in ProCap Financial."

"The continued appreciation in Bitcoin value as well as the further development of the ProCap BTC team alongside Anthony Pompliano's leadership demonstrates the benefits of the Business Combination," said Gary Quin, CEO of BRR. "The filing of the Form S-4 takes us one step closer to closing."

New Executive Team Members

To support ProCap BTC's growth and corporate governance needs, Megan Pacchia has joined as Chief Operating Officer and Kyle Wood has joined as Chief Legal and Compliance Officer. Ms. Pacchia and Mr. Wood will join the company's Executive Team alongside Jeff Park, who joined the company in August 2025 as Chief Investment Officer.

"Megan and Kyle bring essential leadership, governance, and digital asset expertise to ProCap BTC at a pivotal moment in our growth," said Mr. Pompliano. "As we expand and strengthen our operations, having the right leadership team is essential. With the addition of Megan and Kyle to the Executive Team, we believe our leadership is well-positioned to meet the evolving needs of our clients and drive long-term value for our shareholders."

EXECUTIVE TEAM BIOGRAPHIES

Megan Pacchia has joined ProCap BTC as Chief Operating Officer, responsible for leading the company's operations, executing strategic initiatives, and driving organizational growth.

Prior to joining ProCap BTC, Ms. Pacchia spent 14 years at McKinsey & Company, where she was a Partner in the Consumer Practice. During her tenure, she advised Fortune 500 companies on enterprise transformation, organizational optimization, market-leading growth strategies, and operational excellence. Prior to McKinsey, Ms. Pacchia held roles at Morgan Stanley in both its Chief Investment Office and its Equity Capital Markets group. She earned her MBA from Harvard Business School and holds a bachelor's degree from Wesleyan University.

Ms. Pacchia is also a co-founder of PubKey, a globally recognized hub for Bitcoin enthusiasts, innovators, and thought leaders.

Jeff Park is the Chief Investment Officer at ProCap BTC, responsible for leading its investment and capital markets strategy, portfolio construction and risk management.

Before joining ProCap BTC, Mr. Park was the Head of Alpha Strategies and Portfolio Manager at Bitwise Asset Management, one of the world's largest crypto-specialist asset managers. Prior to Bitwise, he was a Partner at Corbin Capital Partners, a multi-billion alternative asset management firm that specializes in multi-strategy hedge fund and opportunistic credit investing, where he led the firm's digital asset investing efforts.

He is a graduate of Stanford University with a B.A. in Economics and International Relations.

Kyle Wood has joined ProCap BTC as Chief Legal and Compliance Officer, where he is responsible for overseeing the company's legal strategy and compliance efforts. With more than twenty years of experience advising high-growth technology companies, venture-backed startups, and institutional investors, Mr. Wood brings deep expertise in fintech, digital assets, and alternative finance.

Prior to joining ProCap BTC, Mr. Wood was a Partner at Perkins Coie, LLP and held senior legal roles as General Counsel for both public and private firms, where he built and led legal teams, managed complex transactions, and advised on emerging technologies, including digital assets and AI. His expertise bridges traditional financial services with the evolving regulatory landscape of digital assets, helping founders and investors align legal strategy with long-term business growth.

About ProCap BTC and ProCap Financial
ProCap BTC is a Bitcoin-native financial services firm founded by Anthony Pompliano. Mr. Pompliano has invested in more than 300 private companies and is one of the leading voices on Bitcoin globally. ProCap Financial, the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

About Columbus Circle Capital Corp I
Columbus Circle Capital Corp I (NASDAQ: BRR) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

IMPORTANT LEGAL INFORMATION
In connection with the Proposed Transactions (as defined herein) by and among ProCap BTC, LLC, a Delaware limited liability company ("ProCap BTC"), ProCap Financial, Inc., a Delaware corporation ("ProCap Financial") and Columbus Circle Capital Corp I, a Cayman Islands exempt company ("CCCM"), ProCap Financial has filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4 (as may be amended, the "Registration Statement"), which includes a preliminary proxy statement of CCCM and a prospectus (the "Proxy Statement/Prospectus") in connection with (i) the proposed Business Combination, to be effected subject to and in accordance with the terms of the Business Combination Agreement dated as of June 23, 2025 (as amended on July 28, 2025, and as may be further modified, amended or supplemented from time to time, the "Business Combination Agreement"), by and among ProCap BTC, ProCap Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation (collectively with all of the related actions and transactions contemplated by such agreement, the "Business Combination"), (ii) a private placement of non-voting preferred units ("ProCap BTC Preferred Units") of ProCap BTC to certain "qualified institutional buyers" as defined in Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), or institutional "accredited investors" (as defined in Rule 506 of Regulation D)(such investors, "qualifying institutional investors")(the "Preferred Equity Investment") pursuant to preferred equity subscription agreements, and (iii) commitments by qualifying institutional investors to purchase convertible notes ("Convertible Notes") issuable in connection with the closing of the Proposed Transactions by ProCap Financial (the "Convertible Note Offering" and, together with the Preferred Equity Investment and the Business Combination, the "Proposed Transactions") pursuant to convertible notes subscription agreements. The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. CCCM and/or ProCap Financial will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND, WHEN AVAILABLE, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS.

Investors and security holders will also be able to obtain copies of the Registration Statement, the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC's website at www.sec.gov, or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor, New York, NY 10019; e-mail: IR@ColumbusCircleCap.com, or upon written request to ProCap Financial Inc. at 600 Lexington Ave., Floor 2, New York, NY 10022, respectively.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE PROPOSED TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the Convertible Notes to be issued by ProCap Financial pursuant to the Convertible Note Offering and the offer and sale of the ProCap BTC Preferred Units in the Preferred Equity Investment, in connection with the Proposed Transactions, has not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM's shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM's securities are, or will be, contained in CCCM's filings with the SEC, including the final prospectus for CCCM's initial public offering filed with the SEC on May 19, 2025 (the "IPO Prospectus"). Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM's shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC's and ProCap Financial's respective directors or managers and executive officers is contained in the Registration Statement and the Proxy Statement/Prospectus. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM, ProCap BTC or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans , prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets that may be held by ProCap BTC and ProCap Financial and the value thereof, the price and volatility of bitcoin, bitcoin's growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial's listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial's ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM's public shareholders, and ProCap Financial's expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM's securities; the risk that the Proposed Transactions may not be completed by CCCM's business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM's shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM's public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock, par value $0.001 per share, of ProCap Financial ("Pubco Common Stock") to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after the closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial's ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial's anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial's stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial's ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks related to the ability of ProCap BTC and ProCap Financial to execute their business plans; the risks that launching and growing ProCap Financial's bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial's business plan, due to operational challenges, significant competition and regulation; risks associated with the possibility of ProCap Financial being considered to be a "shell company" by any stock exchange on which ProCap Financial's common stock will be listed or by the SEC, which may impact ProCap Financial's ability to list Pubco Common Stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities, which could impact materially the time, cost and ability of ProCap Financial to raise capital after the closing of the Proposed Transactions; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others in connection with or following the announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC, including as set forth in the Registration Statement filed with the SEC in connection with the Proposed Transactions.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the IPO Prospectus, CCCM's Quarterly Reports on Form 10-Q and CCCM's Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that has been filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

View original content:https://www.prnewswire.com/news-releases/procap-btc-announces-executive-team-and-appreciation-of-its-bitcoin-holdings-by-more-than-60-million-in-less-than-90-days-302561089.html

SOURCE ProCap BTC LLC

FAQ

What is the value appreciation of ProCap BTC's Bitcoin holdings as of September 2025?

ProCap BTC's Bitcoin holdings appreciated by over $60 million as Bitcoin price increased from $104,333.56 to $117,619.71 by September 17, 2025.

Who are the new executive team members at ProCap BTC in 2025?

ProCap BTC appointed Megan Pacchia as COO (former McKinsey Partner), Kyle Wood as Chief Legal and Compliance Officer (former Perkins Coie Partner), joining Jeff Park as CIO who joined in August 2025.

How many Bitcoin does ProCap BTC hold and at what price were they purchased?

ProCap BTC holds 4,950 Bitcoin purchased at a time-weighted average price of $104,333.56.

What benefits will BRR shareholders receive from the business combination with ProCap BTC?

BRR shareholders who hold shares through the business combination closing will be eligible for additional shares of ProCap Financial if Bitcoin's price exceeds the signing price of $104,333.56.

When did ProCap BTC file its Form S-4 with the SEC?

ProCap BTC filed its Form S-4 registration statement with the SEC on September 18, 2025.