By |Edited by
Jul 9, 2025, 9:08 a.m.
- ProCap BTC LLC has raised over $750 million, deployed more than $500 million into bitcoin, and holds 4,950 BTC, according to data shared by CEO Anthony Pompliano.
- CCCM shareholders can redeem shares for about $10 each, limiting downside to roughly 55 cents, while an mNAV expansion to peer levels could lift shares to around $17.82.
, recently shared an update on its progress and valuation metrics. ProCap has entered into a $1 billion business combination agreement with Columbus Circle Capital Corp 1 (CCCM).
As part of the deal, ProCap has raised over $750 million and already deployed more than $500 million to purchase bitcoin
, amassing a treasury of 4,950 BTC. This makes ProCap, the 13th largest public holder of bitcoin globally.
STORY CONTINUES BELOW
The data and analysis presented by Pompliano comes directly from ProCap and refer to implied multiple Net Asset Value (mNAV) premiums.
According to ProCap’s analysis, the company’s stock is currently trading at the lowest implied mNAV premium among a group of bitcoin treasury companies, at 1.3x, compared to peers like Cantor Equity Partners (CEP) at 2.2x. This low mNAV multiple suggests ProCap BTC LLC could be undervalued relative to other bitcoin treasury firms.
A significant feature of the proposed business combination is the redemption right for CCCM shareholders. Investors who hold CCCM stock as of the record date for the special meeting to approve the business combination will have the right to redeem their shares for the cash held in trust.
As of the closing of CCCM’s initial public offering in May, this pro rata trust value is anticipated to be about $10 per share. The maximum loss for investors is approximately 55 cents per share if the trust value holds at around $10 according to Pompliano.
However, if ProCap implied mNAV premium rises to match that of Cantor Equity Partners (2.2x), the post-deal stock price could reach about $17.82 per share.
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James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
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