Company: PCAP
Filing Date: 2025-04-10
Form Type: DRSLTR
Source: 0001213900-25-030771
Chunk: 1

Company: ProCap Acquisition Corp
Filing Date: 2025-04-10
Form: DRSLTR
Chunk 1
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. Securities and Exchange Commission

April 10, 2025

Page 2

| 2. | We note that members of your management team own, directly or                                                                         
 indirectly, membership interests in the sponsor. Please revise to disclose the persons who have direct and indirect material interest 
 in the SPAC sponsor, as well as the nature and amount of their interests. Refer to Item 1603(a)(7) of Regulation S-K.                 |

Company Response

The Company acknowledges the Staff’s
comment and respectfully advises the Staff that the Company has revised its disclosures on page 4 to clarify this disclosure.

| 3. | We note statements such as “[b]y restricting the investment                                                                               
 of proceeds to these instruments” you intend to avoid being deemed an investment company, and that you do not believe your anticipated    
 principal activities will subject you to the investment Company Act under the applicable laws and regulations. These statements suggest   
 that by investing funds in U.S. government securities or money market funds meeting the conditions of Rule 2a-7 of the Investment Company 
 Act, you will avoid being deemed to be an investment company. Please revise to clarify that you may be deemed to be an investment company 
 at any time, notwithstanding your investment in these securities.                                                                         |

Company Response

The Company acknowledges the Staff’s
comment and respectfully advises the Staff that the Company has revised its disclosure on page 54 and 55 to clarify this risk factor.

On behalf of the Company,
thank you for your review of this letter. If you have any further comments or questions, please do not hesitate to contact me by telephone
at (713) 469-3853 or by email to apeetz@reedsmith.com or Lynwood Reinhardt by telephone at (469) 680-4220 or by email to lreinhardt@reedsmith.com.

| Very truly yours,  |
| /s/ Reed Smith LLP |
| Anne Peetz         |
| For Reed Smith LLP |

| cc: | Anthony Pompliano         |
|     | ProCap Acquisition Corp.  |
|     | Christian O. Nagler, P.C. |
|     | Kirkland and Ellis LLP    |