ProCap Acquisition Corp is a Cayman Islands blank check company that completed an Initial Public Offering on May 22, 2025, selling 25,000,000 Units (including a partial 3,000,000 unit over-allotment) for gross proceeds of $250,000,000 and a simultaneous private placement of 430,000 units for $4,300,000. The Company placed $250,000,000 of IPO proceeds into a Trust Account and reported $251,114,608 held in the Trust Account as of June 30, 2025.
As of June 30, 2025 total assets were $252,606,972, cash outside the Trust was $1,367,369 and working capital surplus was $1,337,818. Total liabilities were $11,404,546, including a deferred underwriting fee of $11,250,000. Class A ordinary shares subject to possible redemption were recorded at a redemption value of $251,114,608. The Company reported net income of $995,265 for the quarter, driven by $1,114,608 of interest on the Trust Account and a $14,188 change in fair value of the over-allotment option liability, offset by $133,531 of general and administrative costs. Management disclosed a material weakness in disclosure controls related to segregation of duties. The Company has not commenced operations and will seek a Business Combination within the prescribed Completion Window.