Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - 89bio, Inc. (ETNB) increased by 83% to $14.84 [3] - Aptevo Therapeutics Inc. (APVO) rose by 75% to $2.47 [3] - Psyence Biomedical Ltd. (PBM) saw a 29% increase to $4.82 [3] - Beam Global (BEEM) gained 27% reaching $3.23 [3] - MicroAlgo Inc. (MLGO) was up 14% at $13.06 [3] - Akero Therapeutics, Inc. (AKRO) increased by 12% to $47.50 [3] - Hyperion DeFi, Inc. (HYPD) rose by 11% to $13.69 [3] - Sonnet BioTherapeutics Holdings, Inc. (SONN) increased by 11% to $7.85 [3] - FuelCell Energy, Inc. (FCEL) was up 9% at $8.34 [3] - Robo.ai Inc. (AIIO) gained 6% to $2.05 [3] Premarket Losers - Presidio Property Trust, Inc. (SQFT) decreased by 14% to $7.58 [4] - Aeluma, Inc. (ALMU) fell by 10% to $15.18 [4] - FGI Industries Ltd. (FGI) dropped 10% to $7.65 [4] - Lazydays Holdings, Inc. (GORV) was down 9% at $2.26 [4] - StableX Technologies, Inc. (SBLX) decreased by 8% to $5.40 [4] - Artelo Biosciences, Inc. (ARTL) fell by 8% to $4.48 [4] - SciSparc Ltd. (SPRC) decreased by 8% to $4.10 [4] - Cracker Barrel Old Country Store, Inc. (CBRL) was down 7% at $45.75 [4] - Columbus Circle Capital Corp I (BRR) fell by 7% to $9.42 [4] - Visionary Holdings Inc. (GV) decreased by 7% to $2.58 [4]

Financial Performance - The company incurred a net loss of $114,382 for the six months ended June 30, 2025, with operating costs of $918,605 and share-based compensation expense of $395,400, offset by interest income of $1,199,623 [141]. - Cash used in operating activities for the six months ended June 30, 2025, was $565,609, with a net loss of $110,031 [146]. - The company has not generated any revenues to date and does not expect to do so until after the completion of the Business Combination [139]. - There is substantial doubt about the company's ability to continue as a going concern for the next twelve months due to liquidity concerns [151]. Capital Structure and Financing - The company completed its Initial Public Offering on May 19, 2025, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit [144]. - The company plans to utilize proceeds from the Convertible Note Financing, amounting to approximately $235 million, for acquiring additional bitcoin for working capital purposes [133]. - Preferred Equity Investors subscribed to purchase non-voting preferred units of ProCap BTC for an aggregate amount of approximately $516.5 million [133]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering, totaling $4,400,000 [156]. - The company will pay advisors a cash fee of $9,800,000 upon the consummation of the initial business combination [157]. Business Combination and Strategy - The Business Combination Agreement involves a merger with ProCap BTC, with the company expected to become a wholly-owned subsidiary of Pubco upon completion [130]. - The company intends to complete the initial business combination before the end of the Completion Window, but there is no assurance it will succeed [152]. - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination and for working capital of the target business [148]. Assets and Liabilities - As of June 30, 2025, the company had marketable securities held in the Trust Account amounting to $251,199,623, including approximately $1,199,623 of interest income [148]. - The company has cash of $1,003,946 outside the Trust Account, intended for identifying and evaluating target businesses [149]. - The company has no long-term debt or capital lease obligations [154]. - The company has no off-balance sheet arrangements as of June 30, 2025 [153]. Administrative and Compliance Matters - The company will reimburse an affiliate of its Sponsor $10,000 per month for administrative services until the business combination or liquidation is completed [155]. - The company accounts for ordinary shares subject to possible redemption as temporary equity, presenting them at redemption value [159]. - The company does not believe that recently issued accounting standards will have a material effect on its condensed financial statements [162]. - The company has incurred significant costs related to acquisition plans and may need to raise additional capital through loans or investments [151].

Company Overview - ProCap BTC LLC is a Bitcoin-native financial services firm founded by Anthony Pompliano, who has invested in over 300 private companies and is a prominent voice on Bitcoin globally [3] - The firm is set to rebrand as ProCap Financial following a proposed business combination with Columbus Circle Capital Corp I [2][3] Leadership Changes - Jeff Park has been appointed as Partner and Chief Investment Officer at ProCap BTC, previously serving as Head of Alpha Strategies at Bitwise Asset Management [1][2] Business Strategy - ProCap Financial aims to develop profit-generating products and services tailored to the financial needs of large institutions and institutional investors [3] - The company emphasizes Bitcoin as a benchmark for performance, stating that if one cannot outperform Bitcoin, they should invest in it [2] Proposed Transactions - The business combination with Columbus Circle Capital Corp I involves a merger and is subject to regulatory approval, including a filing with the U.S. Securities and Exchange Commission [5][6] - The proposed transactions include a private placement of non-voting preferred units and commitments for convertible notes to be issued by ProCap Financial [5][6] Columbus Circle Capital Corp I - Columbus Circle Capital Corp I is a blank check company formed for mergers and acquisitions, led by experienced investment banking professionals [4] - The company aims to facilitate the business combination with ProCap BTC and support its growth in the financial services sector [4]