Meteora Capital, LLC and managing member Vik Mittal have disclosed a passive ownership position in ProCap Acquisition Corp on a Schedule 13G. They report beneficial ownership of 2,220,025 shares of Class A common stock, representing 8.7299% of the class as of the event date. All of these shares are reported with shared voting and shared dispositive power, with no sole voting or dispositive authority. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of ProCap Acquisition Corp.
ProCap Acquisition Corp (PCAP) reported a profitable quarter as a newly public SPAC. For the three months ended September 30, 2025, net income was $2,465,109, driven mainly by interest earned on the Trust Account. Since inception through September 30, 2025, cumulative net income was $3,390,355.
As of September 30, 2025, cash held in the Trust Account totaled $253,707,094, and current cash outside the trust was $1,208,574, supporting a working capital surplus of $1,210,441. The balance sheet reflects a deferred underwriting fee of $11,250,000 payable upon a business combination.
The IPO placed 25,000,000 public Class A shares, each initially at $10.00, with 25,000,000 Class A ordinary shares subject to possible redemption valued at $10.15 per share as of quarter end. There were 8,476,666 warrants outstanding (8,333,333 public; 143,333 private), each exercisable for one Class A share at $11.50 after a business combination. The company has up to 24 months from the IPO closing to complete its initial business combination.