Anthony Pompliano's ProCap BTC Transaction Currently Trading At One Of The Lowest Implied mNAV Premiums In The Market --- A few weeks ago, I announced that my bitcoin treasury company, ProCap BTC LLC, entered into a definitive agreement for a 1 billion business combination with Columbus Circle Capital Corp 1 (Nasdaq: CCCM). As part of the proposed business combination, ProCap BTC LLC raised more than 750 million. My goal with this business is to continue acquiring as much bitcoin as possible. ProCap BTC, LLC has been able to use over 500 million from its initial capital raise to purchase bitcoin so far. The company now holds 4,950 bitcoin in total. There are a number of other bitcoin treasury companies available in the market as well. I had our team pull together a comparison of some of the companies, including capital raised, bitcoin held, and the mNAV premium, based on or derived from publicly available information and incorporating certain assumptions about the identified companies, implied mNAVs and transactions (some of which have not yet closed). Here is the analysis: You can see from the graphic that ProCap BTC, LLC which, will merge with Columbus Circle Capital Corp 1 (CCCM) to create ProCap Financial, Inc., the go-forward public company after the closing, has raised the second most amount of capital to buy bitcoin from this list. To our knowledge, we are also the second ranked company on the list behind Metaplanet when it comes to capital deployed to purchase bitcoin. While those metrics are interesting, we believe the more important metric for most investors in the market is the mNAV premium. This number can assist investors in evaluating whether a company is cheap or expensive on a relative basis to peers. The graphic shows that based on the companies and transactions included in our analysis, ProCap BTC LLC has the lowest implied mNAV at 1.3x. This is substantially lower than any other company on the list, making ProCap BTC LLC’s valuation the cheapest in the ranking based on the implied mNAV metric. If that wasn’t good enough, a key aspect of ProCap BTC LLC’s deal is that investors in Columbus Circle Capital Corp 1 stock who buy and hold shares as of the record date for the CCCM special meeting to consider and approve the business combination will have the right to redeem their public shares for the pro rata value of the trust. The pro rata value of the trust is anticipated to be approximately 10.00 per share as of the closing of the CCCM initial public offering in May. It is also anticipated that the pro rata value of the trust could be higher on a per share basis at the closing of the transaction by following certain redemption procedures that will be outlined in a proxy statement to be filed with the SEC in connection with the transaction. This means CCCM stock holders have approximately 0.55 per share of downside (based on the approximately 10.00 per share redemption price as of the closing of the CCCM initial public offering in May). But if CCCM’s mNAV were to expand to match the next cheapest stock, Cantor Equity Partners at 2.2x, then the stock would be trading at approximately 17.82 per share. As our lawyers like to point out, there is no promise that ProCap BTC LLC and/or Columbus Circle Capital Corp 1 will see any mNAV expansion or that the deal or post-closing company will be successful. There is always risk associated with investing in companies, regardless of whether they are public or private. But it personally feels good to be involved in a deal that is presenting the cheapest mNAV entry price for public market investors. There is a lot of hard work ahead to build a successful company. I am excited to tackle the challenge.