Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,625,328, driven by interest income of $2,624,404 from marketable securities[137]. - As of September 30, 2025, the company held approximately $253,824,027 in marketable securities in the Trust Account, including $3,824,027 of interest income[142]. - The company has not generated any operating revenues to date and expects to incur increased expenses as a public company[136]. - Cash used in operating activities for the nine months ended September 30, 2025, was $1,378,900, influenced by interest earned and operational costs[140]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to liquidity concerns and the need for additional capital[149]. Initial Public Offering - The company completed its Initial Public Offering on May 19, 2025, raising gross proceeds of $250 million from the sale of 25 million Units at $10.00 per Unit[128]. - The underwriters partially exercised their over-allotment option, purchasing 3,000,000 Units from an initial option of 3,300,000 Units[152]. - A cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering amounted to $4,400,000[153]. Business Combination - The company entered into a Business Combination Agreement with ProCap BTC LLC on June 23, 2025, to facilitate its acquisition plans[133]. - The company has until May 19, 2027, to complete its Business Combination, or it will be required to liquidate and redeem Public Shares[131]. - The company will pay up to $10,600,000 in cash fees to advisors upon the consummation of the initial Business Combination[154]. Costs and Expenses - The company incurred total offering costs of $5,456,417, which included a cash underwriting fee of $4,400,000[139]. - The company incurred $30,000 and $50,000 in fees for administrative services for the three and nine months ended September 30, 2025, respectively[151]. - The company may seek Working Capital Loans up to $1,500,000 to fund working capital deficiencies, which may convert into units of the post-Business Combination entity[147]. Accounting and Financial Reporting - As of September 30, 2025, there were no critical accounting estimates to disclose, except for the fair value determination of Public Warrants[159]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value[160]. - Net loss per ordinary share is calculated by dividing net loss applicable to shareholders by the weighted average number of ordinary shares outstanding[161]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories[162]. - The company does not believe that any recently issued accounting standards will have a material effect on its financial statements[163]. Balance Sheet - The company has no long-term debt or long-term liabilities, ensuring a clean balance sheet[150].

Financial Performance - The company incurred a net loss of $87,410 for the three months ended June 30, 2025, consisting of operating costs of $891,633 and share-based compensation expense of $395,400, offset by interest income of $1,199,623 [140]. - For the six months ended June 30, 2025, the company reported a net loss of $114,382, with operating costs of $918,605 and share-based compensation expense of $395,400, again offset by interest income of $1,199,623 [141]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its Business Combination [139]. - The diluted net loss per share is the same as the basic net loss per share due to the exclusion of warrants in the calculation [160]. Capital Structure and Funding - 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]. - A total of approximately $516.5 million in non-voting preferred units was subscribed by qualified investors in a private placement related to the Business Combination [133]. - The company intends to purchase bitcoin using the gross proceeds from the Preferred Equity Investment within 15 days following the Signing Date [137]. - The company plans to utilize the proceeds from the Trust Account primarily to complete its Business Combination and for working capital purposes [148]. - The company has incurred significant costs related to its acquisition plans and may need to raise additional capital through loans or investments [151]. Costs and Expenses - The company has incurred $5,456,417 in costs related to the Initial Public Offering, including $4,400,000 in cash underwriting fees [145]. - 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]. Liquidity and Going Concern - 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]. - The company intends to complete its initial business combination before the end of the Completion Window, but there is no assurance it will succeed [152]. Accounting and Reporting - The company accounts for ordinary shares subject to possible redemption as temporary equity, reflecting certain redemption rights [159]. - The company has no off-balance sheet arrangements or long-term liabilities as of June 30, 2025 [153][154]. - Management does not believe that any recently issued accounting standards will materially affect the condensed financial statements [162]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories [161].

Core Viewpoint - ProCap BTC and Columbus Circle Capital Corp I have amended their business combination agreement to enhance shareholder value by providing exposure to Bitcoin price appreciation for CCCM public shareholders who do not redeem their shares [1][4] Financial Overview - ProCap BTC raised over $750 million in June 2025, including $516.5 million from a preferred equity offering, which was used to acquire 4,950 Bitcoin at an average price of $104,343 [2] - As of July 27, 2025, the value of the purchased Bitcoin is approximately $588.6 million, based on a Bitcoin price of $118,900 [2] Business Combination Agreement Details - The agreement stipulates that if the value of the purchased Bitcoin exceeds the signing price at closing, ProCap BTC unitholders will receive additional shares of ProCap Financial based on their ownership [3] - Adjustment shares will be allocated according to a predetermined formula, with 85% going to preferred equity investors and the remaining 15% initially allocated to Inflection Points Inc. but now redirected to CCCM public shareholders who do not redeem their shares [4] Company Background - ProCap BTC is a Bitcoin-native financial services firm founded by Anthony Pompliano, who is recognized as a leading voice on Bitcoin [6] - ProCap Financial, the resulting entity from the business combination, aims to develop profit-generating products and services tailored for large financial institutions and institutional investors [6] Management Team - Columbus Circle Capital Corp I is led by experienced investment bankers, including Chairman and CEO Gary Quin, COO Dan Nash, and CFO Joseph W. Pooler, Jr., who collectively bring extensive expertise in M&A, private equity, and capital markets [7]

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 [5] - The company is in the process of a proposed $1 billion business combination with Columbus Circle Capital Corp. I to go public as ProCap Financial, Inc. [1][3] Recent Developments - ProCap BTC has purchased 1,208 bitcoin at a time-weighted average price of $105,977 per bitcoin, increasing its total holdings to 4,932 bitcoin [1][2] - The acquisition is part of the company's ongoing bitcoin purchase program, aimed at providing immediate bitcoin exposure to equity investors [2] Future Strategy - ProCap BTC plans to continue accumulating bitcoin for its balance sheet, with expectations to hold up to $1 billion in bitcoin upon closing the proposed business combination [3] - The company views bitcoin as a new hurdle rate and intends to implement various profit-generating products and services tailored for large financial institutions and institutional investors [3][5] Business Combination Details - The business combination agreement was signed on June 23, 2025, and involves multiple parties including Crius SPAC Merger Sub, Inc. and Inflection Points Inc. [7] - ProCap Financial will file a Registration Statement with the SEC, which will include a preliminary proxy statement and a prospectus related to the proposed transactions [7][8]

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 [5] - The company is in the process of a proposed $1 billion business combination with Columbus Circle Capital Corp. I to go public as ProCap Financial, Inc. [1][3] Bitcoin Acquisition - ProCap BTC has purchased 3,724 bitcoin at a time weighted average price of $103,785 per bitcoin, as part of its ongoing bitcoin purchase program [1][2] - Following the business combination, ProCap Financial is expected to hold up to $1 billion in bitcoin on its balance sheet [3] Investment Strategy - The company aims to continue acquiring bitcoin as part of its business strategy, believing that bitcoin represents a new hurdle rate for investments [3][4] - Equity investors have received immediate bitcoin exposure from the funds raised during the equity raise [2] Business Combination Details - The business combination agreement was signed on June 23, 2025, and involves multiple parties including Crius SPAC Merger Sub, Inc. and Inflection Points Inc. [7] - ProCap Financial will focus on developing profit-generating products and services tailored to the financial needs of large institutions and investors [5] Leadership and Management - Columbus Circle Capital Corp. I is led by experienced investment bankers, including Chairman and CEO Gary Quin, COO Dan Nash, and CFO Joseph W. Pooler, Jr. [6]

Core Insights - ProCap BTC, LLC, a bitcoin-native financial services firm, is merging with Columbus Circle Capital Corp. I, a SPAC, to form ProCap Financial, Inc. [1][6] - The combined entity will have up to $1 billion in bitcoin on its balance sheet, with a record fundraising of $516.5 million in equity and $235 million in convertible notes [2][6] - ProCap Financial aims to bridge the gap between bitcoin and traditional finance, leveraging its bitcoin holdings to generate revenue [4][5] Company Overview - ProCap BTC, LLC is founded by Anthony Pompliano, a prominent figure in the bitcoin space, who has invested in over 300 private companies [16] - ProCap Financial will focus on providing financial services tailored to the needs of institutional investors and large financial institutions [16] - The leadership of ProCap Financial will include Anthony Pompliano, who is recognized for his innovative investment strategies in the bitcoin ecosystem [5][16] Financial Details - The business combination will result in ProCap Financial being publicly listed, with the total expected funds for bitcoin purchases reaching up to $1 billion [2][6] - The financing structure includes a $516.5 million preferred equity raise and $235 million in senior secured convertible notes, marking the largest initial fundraise for a public bitcoin treasury company [2][9] - The convertible notes will have a 130% conversion rate, zero interest, and a maturity of up to 36 months, secured by cash and bitcoin [9] Strategic Goals - ProCap Financial intends to utilize its bitcoin balance sheet to implement various revenue-generating strategies [4][8] - The company aims to develop risk-mitigated solutions to meet the growing demand for bitcoin-native financial services among sophisticated investors [5][8] - The leadership emphasizes the transformative potential of bitcoin in disrupting the legacy financial system [5]

Core Points - Columbus Circle Capital Corp I announced that starting June 9, 2025, holders of units from its initial public offering can separately trade Class A ordinary shares and warrants [1] - The separated Class A ordinary shares and warrants will trade on the Nasdaq Global Market under the symbols "CCCM" and "CCCMW," while unsplit units will continue to trade under "CCCMU" [1] - Cohen & Company Capital Markets acted as the lead book-running manager for the offering, with Clear Street LLC as the joint book-runner [1] Company Overview - Columbus Circle Capital Corp I is a blank check company formed to effect mergers, amalgamations, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses [3] - The company may pursue initial business combination targets across various industries and geographical locations [3]