To investors,
Famed investor Vinod Khosla once said “the team you build is the company you build, not the plan you make.” I have learned that Vinod’s quote may be one of the most important truths when building a company.
Find the best people and convince them to join you. It is really that simple.
That is why I am excited to announce Jeff Park has joined me at ProCap BTC LLC as Partner and Chief Investment Officer.
Jeff is the former Head of Alpha Strategies at Bitwise Asset Management, one of the world’s largest crypto-specialist asset managers. While at Bitwise, Jeff was recognized by the prestigious Institutional Investor as the crypto industry’s first “Hedge Fund Rising Star.”
Prior to Bitwise, he was a Partner at Corbin Capital Partners, a multi-billion dollar alternative asset management firm where he led the firm’s digital asset investing efforts. Before Corbin, Jeff was at the Harvard Management Company and an Exotic Equity Derivatives trader at Morgan Stanley.
Jeff has the rare ability to clearly communicate big ideas, so I thought everyone would enjoy reading what Jeff had to say about bitcoin treasury companies, why he is joining ProCap, and how he is thinking about the opportunity in front of our business.
Here is Jeff in his own words:
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There’s a fundamental shift happening beneath the surface of global capital markets—quiet, misunderstood, and irreversible. With over $90Bn invested and rapidly increasing, the emergence of Bitcoin treasury companies represents more than a new asset class or capital formation strategy. Just as mainstream investors, unable to comprehend a post-fiat era, were skeptical of Bitcoin ETFs in 2013, we are seeing similar bewilderment for the adoption of the corporate Bitcoin Standard ten years later.
Yet I believe the platonic ideal of a Bitcoin Treasury company has yet to be realized. That’s largely because most Bitcoin Treasuries to date have been accidents of circumstance, either distressed companies making last-ditch efforts, or opportunistic players chasing fleeting capital markets dislocations. The world hasn’t yet witnessed what a true purpose-built, Bitcoin-native financial institution designed from the ground up to maximize shareholder value can truly look like. Until now.
I am excited to announce that I am joining Anthony Pompliano to build ProCap as Partner and Chief Investment Officer.
Anthony Pompliano and I represent two distinct yet deeply aligned ideas, each of us shaped by the era of Bitcoin uniquely prepared to meet this moment. Pomp brings exceptional entrepreneurial drive and a rare ability to not only operate in–but help define–the future of markets where TradFi and crypto converge. I bring institutional depth, investment discipline, and industry expertise with over a decade of Wall Street and crypto-native investment leadership to deliver a purpose-built, Bitcoin-native financial institution at scale. We’ve each been forged by a generational macro shift from tech to finance that converge at a clear vision: the permanent capital vehicle that can endure, compound and lead as the next generational wealth engine, all backed by the hardest final settlement layer of human trust ever known.
The Case for Treasury Alpha: In the traditional model, the treasury is a cost center. In the new model, a treasury becomes a new monetary Operating System. Bitcoin Treasury companies can arbitrage the price of: 1) time (through long-dated conviction), 2) jurisdiction (via regulatory arbitrage), and 3) trust (via on-chain rails). They do not need to outperform in quarterly earnings. They only need to outperform in monetary integrity and its associated yield—in which durable proprietary productivity with a defensible terminal value is the most powerful lever a company can have on its valuation multiple.
Bitcoin Rate of Return as a New Economic Engine: All good-to-great companies seek piercing insights into how to most effectively generate sustained profitability that has the greatest impact on their economics. We are used to thinking in dollar terms: IRR, ROIC, WACC, etc. But in a world where the dollar is structurally debased, these metrics become prudently useless. Traditional finance solves this issue with credit risk, leverage, or duration–all of which introduce hidden tail risk. Bitcoin Treasury companies weaponize these distortions through a new lens: BRR, which forces the question: Are you gaining or losing purchasing power relative to the hardest asset on earth? Companies that outperform in BRR terms don’t just preserve capital–they compound purchasing power in a regime of monetary entropy. Some people call this financial engineering. I prefer to call it monetary antifragility.
Volatility is the Price of Freedom: The most ardent critics of Bitcoin Treasury companies point to excess volatility. But volatility is just the visible cost of a system not under artificial control. Unlike the smoothing effect of central banks’ abundant reserves regime, Bitcoin operates without backstops. This real risk is also where real optionality lives, because the monetization of volatility is the monetization of scarce liquidity. Bitcoin Treasury companies embrace this idea. I unapologetically understand that volatility is the price of monetary sovereignty that can create asymmetrically favorable outcomes across a well-defined yield curve. Through this pragmatic approach, they become proof-of-concept entities for what comes next: entire companies (and eventually governments) that run on volatility monetization schemes and on Bitcoin-native rails to build resilience.
As such, Pomp and I believe the premium we’ll earn won't just come from the investment or securitization engine. It will come from a Bitcoin-first culture, guided by the founding principle where every dollar raised, deployed, or borrowed ultimately compounds back into more Bitcoin per share through operating cash flows that will support the Bitcoin network and its ecosystem. We have the unique opportunity to educate the world about bitcoin, while accretively acquiring bitcoin for our shareholders. At the heart of this is the privileged commitment to accelerate the Bitcoin Standard as a deliberate stand against technocratic debasement, in pursuit of a new sovereign financial substrate grounded in purposeful ideals and values beyond corporate profit. I am grateful to be on this new journey with all of the world’s Bitcoin shareholders.
TLDR: Bitcoin is the hurdle rate → “The ticker is…” BRR. (Bitcoin Rate of Return)
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Anthony Pompliano’s thoughts:
It is hard to read Jeff’s comments and not get fired up about the opportunity in front of us. There is a lot of work to do, but I am excited to have Jeff alongside me as we try to build one of the best bitcoin-native financial service firms. We will announce more team members in the coming weeks. But today we celebrate Jeff Park, our new Chief Investment Officer.
Follow Jeff on X here and connect with him on Linkedin here.
Have a great start to your week. I’ll talk to everyone tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.
In this conversation we discuss what is going on with bitcoin, artificial intelligence, economy, stock market, how so many companies are beating on earnings, and why the interest rate cuts will be so bullish.
Enjoy!
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IMPORTANT LEGAL INFORMATION
ProCap Financial and CCCM intend to file 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 will include 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 Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company, ProCap BTC, and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation, (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, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND 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 and 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, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. 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 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 will be set forth in the Registration Statement to be 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 will be 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.
No doubt Jeff is superman. I have never seen such clarity and making other understand the new financial system direction in few words.
Yeah, that hire is 🤯 - what a catch. Jeff is an amazing addition to ProCap.
Kudos to you both!