Pompliano files $200M SPAC IPO to target crypto firms

Anthony Pompliano has filed to raise $200 million through a special purpose acquisition company (SPAC) called ProCap Acquisition Corp, aiming to take advantage of his crypto industry background and online presence to pursue digital asset deals.

According to the filing with the U.S. Securities and Exchange Commission on April 30, the SPAC intends to list on Nasdaq under the ticker “PCAPU.”

Each $10 unit will include a Class A ordinary share and one-third of a warrant.

The SPAC will focus on companies in financial services, fintech, and digital assets.

Pompliano, who controls the sponsor entity, may benefit significantly if a merger is successful.

The sponsor purchased 5.75 million founder shares for $25,000, which would convert into Class A shares upon completing a deal.

A further 430,000 units will be bought in a concurrent private placement.

Pompliano has not disclosed any specific acquisition target yet.

The filing suggests a preference for companies with high-growth potential and lasting competitive advantages that would benefit from public market access.

Pompliano previously worked at Facebook and co-founded Morgan Creek Digital.

He currently leads Professional Capital Management, an investment firm that uses online content to generate business leads.

His newsletter, podcast, and social media platforms are presented in the filing as assets for attracting potential deals.

“ProCap’s value is directly tied to the ability to bring awareness, insight, and investor interest to a public entity,” the filing implied.

Crypto-focused SPACs have experienced mixed outcomes, with some struggling post-merger or failing to close deals.

Pompliano is wagering that his past success and visibility in the sector—such as being an early Coinbase investor—will set ProCap apart.

The filing coincides with a period of renewed interest in crypto markets, as Bitcoin (CRYPTO:BTC) recently exceeded $94,000 and institutional involvement in the space continues to grow.