# EDGAR Filing Document

**Accession Number:** 0002056263
**File Stem:** 0001213900-25-057285
**Filing Date:** 2025-6
**Character Count:** 107668
**Document Hash:** 7d8dba65612d5bd83a9eb7a1ef3369b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-057285.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001213900-25-057285

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250623

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbus Circle Capital Corp. I
- **CENTRAL INDEX KEY:** 0002056263
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42653
- **FILM NUMBER:** 251069944

**BUSINESS ADDRESS:**
- **STREET 1:** 3 COLUMBUS CIRCLE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 6467925600

**MAIL ADDRESS:**
- **STREET 1:** 3 COLUMBUS CIRCLE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): June 23, 2025**

**Columbus Circle Capital Corp I**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42653** | **99-3947168** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**3 Columbus Circle, 24th Floor New York, NY 10019**

**(Address of principal executive offices, including zip code)**

**Registrant's telephone number, including area code: (646) 792-5600**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | **CCCMU** | The Nasdaq Stock Market LLC |
| Class A ordinary shares, par value $0.0001 per share | **CCCM** | The Nasdaq Stock Market LLC |
| Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | **CCCMW** | The Nasdaq Stock Market LLC |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 7.01. Regulation FD Disclosure**

On June 23, 2025, Columbus Circle Capital Corp I, a Cayman Islands exempt company ("**CCCM**"), and ProCap BTC, LLC, a Delaware limited liability company ("**ProCap BTC**"), issued a joint press release announcing that CCCM, ProCap BTC and ProCap Financial, Inc., a Delaware corporation ("**ProCap Financial**"), have entered into a definitive business combination agreement (the "**Business Combination Agreement**"), dated as of June 23, 2025 (the "**Signing Date**"), with Crius SPAC Merger Sub, Inc., a Delaware corporation ("**SPAC Merger Sub**"), Crius Merger Sub, LLC, a Delaware limited liability company ("**Company Merger Sub**"), and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation ("**Seller**", and collectively with CCCM, ProCap BTC, ProCap Financial and the other parties to the Business Combination Agreement, the "**Parties**"). A copy of the press release ("**Press Release**") is attached to this Current Report on Form 8-K as <u>Exhibit 99.1</u> and incorporated into this Item 7.01 by reference.

Also attached, as <u>Exhibit 99.2</u> to this Current Report on Form 8-K, and incorporated into this Item 7.01 by reference, is an investor presentation (the "**Investor Presentation**") that will be used by the Parties in connection with the transactions contemplated by the Business Combination Agreement and other transactions described below.

The Press Release and the Investor Presentation are intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "**Securities Act**"), or the Exchange Act, except as expressly set forth by specific reference in such filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any of the information in this Item 7.01, including <u>Exhibits 99.1</u> or <u>99.2</u>.

**Item 8.01 Other Events**

On June 23, 2025, CCCM announced that it had entered into the Business Combination Agreement, pursuant to which, among other things, subject to the terms and conditions set forth in such agreement, (a) at least one business day prior to the closing (the "**Closing**") of the transactions contemplated by the Business Combination Agreement, CCCM will de-register from the Registrar of Companies of the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so as to re-domicile as and become a Delaware corporation pursuant to Part 12 of the Companies Act (Revised) of the Cayman Islands and upon the Closing; (b) in connection with the Closing, SPAC Merger Sub will merge with and into CCCM with CCCM continuing as the surviving entity (the "**SPAC Merger**"), in connection with which each security of CCCM outstanding immediately prior to the effective time of the SPAC Merger will be cancelled in exchange for the right of CCCM security holders to receive substantially equivalent securities of ProCap Financial; and (c) in connection with the Closing, Company Merger Sub will merge with and into ProCap BTC, with ProCap BTC continuing as the surviving entity (the "**Company Merger**", and, together with SPAC Merger, the "**Mergers**"), in connection with which all of the outstanding ProCap BTC common units and Preferred Units (as defined below) outstanding as of immediately prior to the effective time of the Company Merger (the "**Company Merger Effective Time**") will be cancelled in exchange for the right of holders of such units to receive newly-issued shares of common stock, par value $0.0001 per share, of ProCap Financial ("**Pubco Common Stock**"), including, to the extent applicable, certain Adjustment Shares (as defined below), as further described below. As a result of the Mergers and the other transactions contemplated by the Business Combination Agreement (the "**Business Combination**"), CCCM and ProCap BTC will become wholly-owned subsidiaries of ProCap Financial and ProCap Financial will become a publicly traded company, all upon the terms and subject to the conditions set forth in the Business Combination Agreement. Proceeds from the proposed Business Combination, if any, after satisfaction of redemption payments to CCCM's public shareholders and transaction expenses, are expected to be used by ProCap Financial to purchase bitcoin, in connection with ProCap Financial's business plans and strategies, as further described below.

In connection with the proposed Business Combination, (a) certain "**qualified investors**" (defined to include "qualified institutional buyers", as defined in Rule 144A of the Securities Act, and institutional "accredited investors", as defined in Rule 506 of Regulation D) (the "**Preferred Equity Investors**") subscribed to purchase non-voting preferred units of ProCap BTC ("**Preferred Units**") in a private placement of an aggregate amount of approximately $516.5 million of such Preferred Units (the "**Preferred Equity Investment**"), in consideration for which, at the Closing, the Preferred Equity Investors will receive shares of Pubco Common Stock at a ratio of 1.25 times the number of Preferred Units held by such investors as of immediately prior to the Company Merger Effective Time, as well as Adjustment Shares, if issued, as further described below, and (b) certain qualified investors (the "**Convertible Note Investors**") have entered into subscription agreements pursuant to which the Convertible Note Investors agreed to purchase convertible notes ("**Convertible Notes**") issuable upon the Closing by ProCap Financial, an aggregate principal amount of approximately $235 million (the "**Convertible Note Financing**" and, together with the Preferred Equity Investment and the Business Combination, the "**Proposed Transactions**"). Subscriptions to purchase Convertible Notes, which will have a 130% conversation rate, zero interest rate, and maturity of up to 36 months, will be funded prior to the issuance of the Convertible Notes in connection with the Closing (the "**Issuance Date**"). The Convertible Notes will be two (2) times collateralized by cash, cash equivalents or a portion of the bitcoin assets purchased with the proceeds from the transactions related to the Business Combination, as further described below; U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and security arrangements. Proceeds from the Convertible Note Financing are expected to be utilized by ProCap Financial for purposes of acquiring additional bitcoin ("**Purchased Bitcoin**") for working capital purposes. Prior to the Closing, the Parties intend to take actions necessary for the Convertible Notes to have an associated 144A CUSIP number to facilitate the possibility of future post-Closing trading amongst QUIBS; however, the Convertible Notes are not expected to otherwise be registered or tradeable.

The proceeds from the Preferred Equity Investment will be utilized, within 15 days following the Signing Date, to purchase bitcoin assets (the "**Signing BTC Assets**"), to be held pursuant to a custodial arrangement with Anchorage Digital Bank N.A. (the "**Custodian**"), at a price determined based on the time weighted average price of the Signing BTC Assets price over the timeline for such purchases (the "**Signing BTC Price**"). The Signing BTC Assets will remain in a custodial account maintained by the Custodian until the Closing of the proposed Business Combination. From and after the Issuance Date, cash, cash equivalents and/or a portion of the Signing BTC Assets and Purchased Bitcoin will be utilized as collateral to secure the Convertible Notes in accordance with terms of an indenture and related collateral agreements.

If the Closing does not occur, the Preferred Equity Investors will have a right to receive their respective pro rata portion of the Signing BTC Assets or may elect to liquidate their pro rata portion of the Signing BTC Assets for cash. In the event that the price of bitcoin at the Closing (to be determined prior to the Closing by the average price over a ten (10)-day period preceding the date that is three (3) days prior to the Closing as further described in the Business Combination Agreement, the "**Closing BTC Price**") is higher than the Signing BTC Price, the number of shares of Pubco Common Stock issuable to the Seller (in respect of 10,000,000 shares of Pubco Common Stock to be issued to the Seller at the Closing), on the one hand, and to the Preferred Equity Investors (including the Seller), collectively, on the other, will be increased based on the difference between the Closing BTC Price and the Signing BTC Price, up to a $200,000 limit on such Closing BTC Price (such additional shares, if any, the "**Adjustment Shares**"), with eighty-five percent (85%) of such Adjustment Shares to be allocated to the Preferred Equity Investors, pro rata, and fifteen percent (15%) of such Adjustment Shares to be allocated to the Seller. In no event will the Preferred Equity Investors receive shares of Pubco Common Stock in a number lesser than 1.25x the Preferred Units issued to such investors at the Signing Date, nor will the Seller receive less than ten million (10,000,000) shares of Pubco Common Stock at the Closing, all of the foregoing as further described in the Business Combination Agreement.

***Additional Information and Where to Find It***

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 the Proposed Transactions. 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 Current Report on Form 8-K 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 CURRENT REPORT. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the Convertible Notes to be issued by ProCap Financial and the Preferred Units of ProCap BTC sold 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 equity holders 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 Current Report on Form 8-K 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 of CCM or ProCap Financial, nor shall there be any sale of any such securities, commodities, instruments or related derivatives 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, commodities, instruments or derivatives 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 Current Report on Form 8-K 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 Current Report on Form 8-K, 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 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 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; 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 Current Report 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.

**Media Contacts**

Ebony Lewkovitz

ebony@edencommunications.com

Larissa Bundziak

larissa@edencommunications.com

IR@ColumbusCircleCap.com

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated June 23, 2025.](ea024650601ex99-1_columbus1.htm) |
| 99.2 | [Investor Presentation, dated June 23, 2025.](ea024650601ex99-2_columbus1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: June 24, 2025

---

| | |
|:---|:---|
| **COLUMBUS CIRCLE CAPITAL CORP I** | **COLUMBUS CIRCLE CAPITAL CORP I** |
| By: | /s/ Gary Quin |
| Name: | Gary Quin |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company**

*●* *ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings* 

*●* *Equity investors have immediate exposure to bitcoin based on structure of financing transactions* 

*●* *Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public* 

 

New York, NY, June 23, 2025 (GLOBE NEWSWIRE) -- American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

"The legacy financial system is being disrupted by bitcoin," said Pompliano. "ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings."

"From day one we sought to partner with a platform and a leader that could develop a transformative organization - and we found that in ProCap BTC and Anthony Pompliano," said Gary Quin, CEO of CCCM. "Anthony's track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution."

**Terms of the Proposed Business Combination and Financing Transactions**

The proposed business combination (the "Business Combination") between ProCap BTC, LLC ("ProCap BTC") and Columbus Circle Capital Corp. I ("CCCM") will result in ProCap Financial, Inc. ("ProCap Financial") being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the "Preferred Equity Raise") and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the "Convertible Notes") from investors in a private placement (the "Convertible Debt Raise", together with the Business Combination and the Preferred Equity Raise, the "Proposed Transactions"). At the closing of the Business Combination (the "Closing"), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial's balance sheet.

The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the "BTC Assets") using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

At the Closing, former security holders of CCCM and former unit holders of ProCap BTC ("ProCap Holders") will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the "Transaction Agreements").

Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the "SEC") of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

**Advisors**

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC ("Cohen & Company") is acting as exclusive financial advisor to ProCap BTC.

Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

**About ProCap BTC, LLC and ProCap Financial, Inc.**

ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

**About Columbus Circle Capital I**

Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

**About Cohen & Company**

Cohen & Company is J.V. B. Financial Group, LLC's full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/. J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management.

**About Clear Street**

Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

**Additional Information and Where to Find It** 

ProCap Financial, Inc. ("ProCap Financial") and Columbus Circle Capital Corp. I ("CCCM") intend to file with the 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 the proposed business combination between ProCap BTC, LLC ("ProCap BTC") and CCCM (the "Proposed Transactions"). 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. ProCap Financial and/or CCCM 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., 600 Lexington Ave., Floor 2, New York, NY 10022.

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 BUSINESS COMBINATION 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 and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (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 of 1933.

**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. 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 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 held by ProCap BTC and ProCap Financial, 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 of ProCap Financial 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 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 that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; 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; 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 ProCap Financial's common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others 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.

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 final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, 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.

The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

**Media Contacts**

Ebony Lewkovitz

ebony@edencommunications.com

Larissa Bundziak

larissa@edencommunications.com

IR@ColumbusCircleCap.com

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

June 2025 ProCap BTC, LLC INVESTOR PRESENTATION

![](ex99-2_002.jpg)

2 PROCAP BTC, LLC DISCLAIMERS AND OTHER IMPORTANT INFORMATION This presentation (this "Presentation") is being furnished solely to recipients that are "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) (any such recipient, together with its subsidiaries, affiliates, employees and advisers, the "Recipient") by Columbus Circle Capital Corp. I (the "SPAC") and ProCap BTC, LLC (the "Company"), solely for informational purposes of considering the opportunity to participate in the proposed private placement of (i) equity units of the Company (the "Company Private Offering"), and/or (ii) convertible notes of PubCo (the "PubCo Convertible Notes Offering" and, together with the Company Private Offering, the "Private Offerings") in connection with a potential business combination among the SPAC, the Company, and a to - be - formed Delaware corporation and wholly - owned subsidiary of the SPAC ("PubCo" or "ProCap" and together with the SPAC and the Company, the "Parties") and related transactions (the "Business Combination" and together with the Private Offerings, the "Transactions"). By reading this Presentation, the Recipient will be deemed to have agreed to the obligations and restrictions set out below. This Presentation and any oral statements made in connection with this Presentation do not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any proxy, vote, consent, or approval in any jurisdiction, in connection with the Transactions, nor shall there be any sale, issuance, or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation, or sale may be unlawful under the laws of such jurisdiction. This Presentation does not constitute either advice or a recommendation regarding any securities. Any offer to sell securities pursuant to any of the Private Offerings will be made only pursuant to a definitive subscription agreement and related documentation and will be made in reliance on an exemption from registration under the Securities Act for offers and sales of securities that do not involve a public offering. Any other solicitation or offering of securities shall be made only by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. The SPAC, PubCo and the Company each reserve the right to withdraw or amend for any reason any of the Private Offerings and to reject any subscription agreement for any reason, or for no reason. The communication of this Presentation is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. The Recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non - public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "Exchange Act"), and that the Recipient will neither use, nor cause any third party to use, this Presentation or any information contained herein in contravention of the Exchange Act, including, without limitation, Rule 10b - 5 thereunder. No representations or warranties, express or implied, are given in, or in respect of, this Presentation. This Presentation is subject to updating, completion, revision, verification, and further amendment. None of the Parties nor any of their respective affiliates has authorized anyone to provide interested parties with additional or different information. No securities regulatory authority has expressed an opinion about the securities discussed in this Presentation or determined if this Presentation is truthful, accurate or complete, and it is an offense to claim otherwise. None of the SPAC, the Company, or PubCo nor any of their respective subsidiaries, equity holders, affiliates, representatives, partners, members, directors, officers, employees, advisers, or agents (collectively, "Representatives") makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other written, oral or other communications transmitted or otherwise made available to the Recipient in the course of its evaluation of the Transactions, and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. To the fullest extent permitted by law, none of the Parties nor any of their Representatives shall be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its accuracy or sufficiency, its omissions, its errors, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. In addition, the information contained herein does not purport to contain all of the information that may be required to evaluate the Transactions. The information contained in this Presentation is provided as of the date hereof and may change, and none of the Parties nor any of their Representatives undertakes any obligation to update such information, including in the event that such information becomes inaccurate or incomplete. The general explanations included in this Presentation cannot address, nor is intended to address, your specific investment objectives, financial situations or financial needs. Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with any Party or their respective Representatives, as investment, legal, or tax advice . In addition, this Presentation does not purport to be all - inclusive or to contain all of the information that may be required to make a full analysis of the Parties and each of the Transactions . Recipients of this Presentation should read the definitive documents for the Private Offerings or any other Transaction and make their own evaluation of the Parties and the Private Offerings or any other Transactions and of the relevance and adequacy of the information and should make such other investigations as they deem necessary . You are urged to request any additional information you may consider necessary or desirable in making an informed investment decision. You (and your Representative, if any) are invited, prior to the entry into any definitive documentation with respect to the Private Offerings or the consummation of any other Transaction, to ask questions of, and receive answers from, the Parties concerning the Transactions and to obtain additional information regarding the Transactions, to the extent the same can be acquired without unreasonable effort or expense, in order to verify the accuracy of the information contained herein. CONFIDENTIALITY This information is being distributed to you on a confidential basis. By receiving this information, you and your affiliates and Representatives agree to maintain the confidentiality of the information contained herein. Without the express prior written consent of each of the Parties, this Presentation and any information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of the Parties and the Transactions or (iv) provided to any person except your employees and advisors with a need to know who are advised of the confidentiality of the information. This Presentation supersedes and replaces all previous oral or written communications between the parties hereto relating to the subject matter hereof. ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the Business Combination, PubCo and the SPAC intend to file relevant materials with the SEC, including a registration statement on Form S - 4 /, which will include a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus . A proxy statement/prospectus will be sent to all the SPAC shareholders . the SPAC will also file other documents regarding the Transactions with the SEC . Before making any voting or investment decision, investors, shareholders, and other interested persons of the SPAC are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with Transactions carefully and in their entirety as they become available because they will contain important information about the Transactions. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus, and all other relevant documents filed or that will be filed with the SEC by PubCo through the website maintained by the SEC at www.sec.gov. The documents filed by the SPAC with the SEC also may be obtained free of charge upon written request to Columbus Circle Capital Corp I, 3 Columbus Circle, 24th Floor New York NY 10019.

![](ex99-2_003.jpg)

3 PROCAP BTC, LLC FORWARD - LOOKING STATEMENTS This Presentation (and any oral statements regarding the subject matter of this Presentation) contains certain forward - looking statements within the meaning of the U.S. federal securities laws with respect to the Parties and the Transactions, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding PubCo, the Company, the SPAC, the Transactions and statements regarding the anticipated benefits and timing of the completion of the Transactions, the assets held by the Company and by the SPAC, the price and volatility of Bitcoin, Bitcoin's growing prominence as a digital asset, the macro and political conditions surrounding Bitcoin, the anticipated business of PubCo, the Company and the markets in which they operate, timing of the next Bitcoin halving event, planned business strategy, plans and use of proceeds, objectives of management for future operations of the Company, expected operating costs of PubCo and its subsidiaries, the upside potential and opportunity for investors (including from any movement in the price of Bitcoin), PubCo and the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other corporations in similar business strategies, technological and market trends, future financial condition and performance and expected financial impacts of the Transactions, the satisfaction of closing conditions to the Transactions and the level of redemptions of the SPAC's public shareholders, and PubCo'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 Presentation, including, but not limited to: the risk that the Transactions may not be completed in a timely manner or at all, which may adversely affect the price of the SPAC's securities; the risk that the Business Combination may not be completed by the SPAC's business combination deadline; the failure by the Parties to satisfy the conditions to the consummation of the Business Combination, including the approval of the SPAC's shareholders, or any of the Private Offerings; a third - party fairness opinion in determining whether or not to pursue the Business Combination may not be provided to the SPAC and its board of directors prior to the signing of the BCA; the failure of PubCo to obtain or maintain the listing of its securities on the Nasdaq Stock Market after closing of the Business Combination; costs related to the Transactions; changes in business, market, financial, political and regulatory conditions; risks relating to PubCo's anticipated operations and business, including the highly volatile nature of the price of Bitcoin; the risk that PubCo'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 Transaction and the closing of the Transactions or at any time after the closing of the Transactions; risks related to increased competition in the industries in which PubCo 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 that after consummation of the Business Combination, PubCo and the Company experience difficulties managing its growth, expanding operations, or executing its strategies, including, but not limited to, Bitcoin yield generating strategies; the outcome of any potential legal proceedings that may be instituted against the Company, the SPAC, PubCo, or others following announcement of the Business Combination; and those risk factors discussed in documents of PubCo, the Company, or the SPAC filed, or to be filed, with the Securities and Exchange Commission ("SEC"). 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 final prospectus of the SPAC dated as of May 15, 2025 and filed by the SPAC with the SEC on May 19, 2025, a registration statement on Form S - 4 that PubCo intends to file in connection with the Transaction, which will include a joint prospectus and proxy statement of SPAC, and other documents filed or to be filed by the SPAC and PubCo from time to time with the SEC, as well as the list of risk factors included on page 16 hereto. 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 the SPAC, the Company, nor PubCo presently know or that the SPAC, the Company, and PubCo 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 none of the Parties or any of their Representatives assumes any obligation and do not intend to update or revise these forward - looking statements, whether as a result of new information, future events, or otherwise. None of the Parties nor any of their Representatives gives any assurance that any of the SPAC, the Company, or PubCo will achieve its expectations. INDUSTRY AND MARKET DATA This Presentation has been prepared by the Parties and their Representatives and includes market data and other statistical information from third - party industry publications and sources as well as from research reports prepared for other purposes. Although the Parties believe these third - party sources are reliable as of their respective dates, none of the Parties nor any of their respective Representatives has independently verified the accuracy or completeness of this information and cannot assure you of the data's accuracy or completeness. Some data are also based on the Parties' good faith estimates, which are derived from both internal sources and the third - party sources. None of the Parties nor any of their Representatives make any representation or warranty with respect to the accuracy of such information. The Parties expressly disclaim any responsibility or liability for any damages or losses in connection with the use of such information herein. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any registration statement, prospectus, proxy statement or other report or document to be filed or furnished by the SPAC or PubCo, or any other report or document to be filed by PubCo following completion of the Business Combination with the SEC. TRADEMARKS AND INTELLECTUAL PROPERTY All trademarks, service marks, and trade names of any Party or their respective affiliates used herein are trademarks, service marks, or registered trade names of such Party or its respective affiliate, respectively, as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use is not alone intended to, and does not alone imply, a relationship with any Party, or an endorsement or sponsorship by or of any Party. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the®, TM or SM symbols, but such references are not intended to indicate, in any way, that any Party or the applicable rights owner will not assert, to the fullest extent under applicable law, their rights or the right of the applicable owner or licensor to these trademarks, service marks and trade names. PARTICIPANTS IN SOLICITATION The SPAC, PubCo, the Company and their respective directors and executive officers may be deemed under SEC rules to be participants in the solicitation of proxies from the SPAC's shareholders in connection with the Business Combination. A list of the names of such directors and executive officers, and information regarding their interests in the Business Combination and their ownership of the SPAC's securities are, or will be, contained in PubCo's filings with the SEC related to the Transactions. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of the SPAC's shareholders in connection with the Business Combination, including and the names and interests of the Company and PubCo's directors and executive officers, will be set forth in the proxy statement/prospectus on Form S - 4 for the Business Combination, which is expected to be filed by PubCo with the SEC. You may obtain free copies of these documents as described in the preceding paragraph.

![](ex99-2_004.jpg)

4 PROCAP BTC, LLC ANTHONY POMPLIANO, CEO CEO OF PROFESSIONAL CAPITAL MANAGEMENT (backed by Thiel Capital, Fifth Down Capital, Rose Park Advisors, Bausch C Lomb CEO Brent Saunders, and former Palantir CFO Colin Anderson) FORMER CO - FOUNDER s PARTNER OF FULL TILT CAPITAL (acquired by Morgan Creek Capital Management) FORMER PRODUCT MANAGER AT FACEBOOK (led Growth Team for Facebook Pages) FOUNDER AND ENTREPRENEUR (previously built and sold a number of startups and built one of the largest crypto - native financial media companies in the world)

![](ex99-2_005.jpg)

Columbus Circle Capital Corp. 5 SEASONED LEADERSHIP TEAM WITH STRONG STRATEGIC ALIGNMENT 30+ years of investment banking, operating s investing experience Executed $65B+ in MCA and capital markets transactions Currently Vice Chairman of Cohen C Company Capital Markets Previously, CEO of North Atlantic Acquisition Corporation Held numerous senior roles at leading financial, corporate C governments GARY QUIN, CEO C CHAIRMAN JOE POOLER, CFO 30+ years of corporate finance s strategic operations experience Extensive tenure in several executive positions, driving growth and organization success Currently CFO, EVP, C Treasurer at Cohen C Company Financial Group Previously, CFO at Muni Funding Company of America Held numerous executive roles at various SPACs DR. ADAM BACK, INDEPENDENT DIRECTOR 25+ years of expertise in cryptography, blockchain technology, and distributed systems Experienced tenure in executive leadership, driving innovation and industry adoption Currently Co - Founder C CEO at Blockstream, a leading Bitcoin infrastructure company Inventor of Hashcash, the proof - of - work system foundational to Bitcoin mining Previously, held senior roles at Dell EMC, Microsoft, VMware, and Zero - Knowledge Systems MANAGEMENT TEAM DIGITAL ASSETS ADVISOR PI Corporation DANIEL NASH COO 25+ years of investment banking s strategic operations experience Executed nearly $50B in MCA and capital markets transactions Previously, Co - Founder C Head of Investment Banking at Cohen C Company Capital Markets Previously, Global Head of Internet Investment Banking at Wells Fargo Securities Previously, CFO at Machine Zone Previously, Director of Internet Investment Banking at Bank of America Merril Lynch Capital Markets Capital Markets

![](ex99-2_006.jpg)

6 PROCAP BTC, LLC ANTHONY POMPLIANO HAS ONE OF THE LARGEST AUDIENCES IN BITCOIN 1B+ Impressions 54M+ Video Views 50M Downloads 1.7M Followers 618K Subscribers 265K Subscribers X/Twitter Show Podcast X/Twitter YouTube Newsletter Source: Company management, as of 6/20/2025; YouTube Studio Analytics; Twitter Analytics

![](ex99-2_007.jpg)

7 PROCAP BTC, LLC ANTHONY POMPLIANO CEO WE BELIEVE BITCOIN IS THE FUTURE OF FINANCE WE BELIEVE BITCOIN TREASURIES ARE THE FUTURE OF PUBLIC COMPANIES WE AIM TO BUILD ONE OF THE LARGEST BITCOIN - NATIVE FINANCIAL SERVICES COMPANY 1 2 3

![](ex99-2_008.jpg)

8 PROCAP BTC, LLC PROCAP'S PHILOSOPHY: BITCOIN IS THE HURDLE RATE PROCAP FINANCIAL, INC. WILL HAVE A CAPITAL ALLOCATION PHILOSOPHY ROOTED IN SOUND MONEY , SHAREHOLDER ALIGNMENT , AND LONG - TERM CONVICTION Bitcoin as the Ultimate Benchmark Our thesis is simple – Bitcoin is the hurdle rate. We believe that any capital allocation that fails to outperform Bitcoin is a value - destroying use of shareholder capital. Our goal is to optimize long - term, risk adjusted returns through a Bitcoin - denominated lens. Balance Sheet as a Strategic Weapon We plan to strategically raise capital during favorable market cycles to scale our Bitcoin holdings, with a goal of using timing and structure to minimize dilution and maximize BTC per share. Dynamic Treasury Allocation Our planned treasury strategy will be to combine passive long - term holding with tactical accumulation, including strategic dips, volatility harvesting, and programmatic purchases aligned with macro signals and capital cycles.

![](ex99-2_009.jpg)

G PROCAP BTC, LLC PROCAP FINANCIAL, INC. REPRESENTS AN OPPORTUNITY TO COMBINE IMMEDIATE BITCOIN PURCHASE WITH A BROAD CRYPTO AUDIENCE WHY NOW? Source: NYDIG Research, BitcoinTreasuries.net, and FactSet. Market Data as of 6/20/2025; (1) Private investors will fund into escrow, where Bitcoin will be purchased within 15 days after signing and held on their behalf until closing; (2) Custody account to be maintained by Anchorage (3) Total includes contemplated Bitcoin held from Kindly MD's announced $763M purchase, assuming a Bitcoin price of $100,000; subject to closing; (4) Based on Bitcoin's price increase from $34,000 in June 2021 to $108,000 in June 2025 Capital from Preferred Equity raise will be deployed in Bitcoin immediately after announcement of BCA to purchase Bitcoin (1) and retained in a custody account (2) vs. other strategies with complicated structures and extended timelines IMMEDIATE BITCOIN EXPOSURE Bitcoin hit a new all - time high of ~$111,000 on May 22, 2025, due to several tailwinds including growing institutional adoption and 130+ public companies collectively holding 840,000+ Bitcoin (3) REAL MARKET MOMEMENTUM Bitcoin is now regarded as a "go - to" asset to hedge against inflation with an avg. 34% annual growth in price over the past 4 years (4) PRESERVING SHAREHOLDER VALUE

![](ex99-2_010.jpg)

10 PROCAP BTC, LLC PREFERRED EQUITY RAISE Note: Assumes constant Bitcoin price of $100,000 from Announcement to Business Combination; (1) Each Preferred Unit outstanding as of immediately prior to the consummation of the merger between the Company and a subsidiary of PubCo will be entitled to receive 1.25X shares of common stock of PubCo per Preferred Unit; (2) Includes $8.5M invested by Inflection Points Inc, an entity controlled by Anthony Pompliano; (3) Represents value of Bitcoin able to be purchased from net proceeds of the offerings and cash in trust (excluding warrants) divided by the proforma equity value of PubCo; (4) Assumes $53.0M of cash costs which is comprise of placement agent fees, OID fees, transaction costs, and working capital. Does not include impact of any warrants; (5) Includes certain significant security holders of the Company and SPAC Sponsor; (6) Figures rounded; (7) Assumes no redemptions of the publicly traded Class A ordinary shares of the SPAC and represents the expected Cash in Trust at close of the de - SPAC transaction; (8) Assumes Bitcoin price of $100,000; (9) Represents funds designated for general corporate and working capital needs (10) Assumes full conversion of Convertible Note(s) at $13 . 00 following the closing of the business combination (assuming no exercise of the warrants and no redemptions of the publicly traded Class A ordinary shares of the SPAC and that no adjustment shares are issued pursuant to the terms of the BCA) and excludes additional Adjustment Shares based o n increase in value, if any, of Bitcoin assets purchased at signing prior to the Closing u p to max closing Bitcoin price of $200 , 000 , subject to BCA terms ; (11) Excluding shares issuable to Inflection Points Inc ; (12) Sponsor or distributes thereof, as applicable Entered Terms Issuer ProCap BTC, LLC ("Company") Capital Raise Type Non - Voting Preferred Equity Units Reference Price $10.00 per Preferred Unit (1) Timing Committed and funded at the announcement of the signing of the Business Combination Agreement ("BCA") Size $516.5M (2) Go - Public Transaction Consideration Converted into shares of ProCap Financial, Inc. ("PubCo") pursuant to BCA at the closing of the business combination. Number of shares of PubCo to be issued to the investors in the preferred equity raise will be based on 1.25x NAV (1) of the Company, as adjusted pursuant to the BCA Closing Valuation Adjustment If the price of Bitcoin at the closing of the Business Combination exceeds the price of Bitcoin at BCA signing, adjustment shares will be issued at $10.00 a share. Equity investors will receive 85% of adjustment shares and holders of common units of the Company will receive 15% Implied mNAV (1) 1.07x mNAV (3)(4) Use of Proceeds Solely to purchase bitcoin with in 15 days of BCA signing ("BTC Assets") Lock - Up ▪ None for Equity investors ▪ Key transaction parties (5) are locked - up 6 months Registration PubCo shares issuable at closing in respect of Preferred Units expect to be registered under S - 4 and freely tradeable, subject to applicable securities laws, including affiliate restrictions Placement Agents Cohen C Company Capital Markets and Clear Street Liquidation Preference Capital to be invested into Bitcoin via a custodian account at signing. If Business Combination does not close, the investors of the shares of equity units of the Company will have a liquidation right to receive their respective pro rata portion of the purchased Bitcoin. Alternatively, investors may elect to liquidate their pro rata portion of the Bitcoin and receive cash instead of the Bitcoin Pro Forma Ownership of PubCo (Fully - Converted; No Redemptions; No Adj. Shares (6)(10) % Own. Shares (M) 19.7% 25.0 SPAC Public Shareholders (7) 50.1% 63.5 ProCap Preferred Investors ($508M) (11) 14.3% 18.1 Convert Noteholders ($235M as converted) 8.7% 11.1 Inflection Points Inc (Common Units and $8.5M Preferred Equity) (2) 7.1% 9.0 SPAC Sponsor (12) 3 5 1 2 4 3 5 1 2 4 Illustrative Sources s Uses (6) ($M) Uses ($M) Bitcoin (8) Sources $256 Purchased Bitcoin $950 9,498 Assets Estimated SPAC Cash in Trust (no redemptions) (7) $517 Estimated Transaction $53 Expenses at Close (4) Equity Raise Proceeds $235 Cash to PubCo's $5 Balance Sheet (9) Convertible Note(s) Proceeds $1,008 Total $1,008 G,4G8 Total

![](ex99-2_011.jpg)

11 PROCAP BTC, LLC General Terms Issuer ProCap Financial, Inc. ("PubCo") (NASDAQ: TBD) Commitment Date Day of Signing of the BCA with the SPAC and the Company Issue Date Date immediately prior to closing of the business combination ("Issue Date") Size $235M Securities Offered Convertible Note(s)(convertible into shares of common stock of PubCo) at 130% Purchase Price 97.0% of principal amount Form of Offering Private placement pursuant to Section 4(a)(2) with intent to wrap the notes with a 144A CUSIP on the Issue Date (to facilitate post - closing trading among QIBS) and PubCo to register the conversion shares underlying as promptly as practicable after the Issue Date Debt Ranking Senior secured against the Bitcoin acquired for treasury and net proceeds of offering by collateral described below Collateral (1) Secured by (i) 2.0x coverage in Bitcoin or (ii) 1.0x coverage in cash (the "Collateral"). Investor will release Collateral to 2.0x coverage (if Bitcoin) or 1.0x (if cash) when 50% of principal outstanding and again when 25% of principal is outstanding Implied mNAV (2) 1.73x mNAV (2)(3) Maturity 36 Months PubCo Redemption Non - callable for 12 months, thereafter callable by PubCo partially or in whole if stock trades at any time prior to maturity when the conversion price of the notes equals or exceeds 130.0% for 20 of past 30 trading days, plus Make - Whole Shares (grid) Noteholder Put Right Discrete investor put right at 100.0% of notional at 18 - month anniversary of the Issue Date Noteholder Protections Anti - dilution and Fundamental change and including Make - Whole Shares (grid) Denomination $1,000 per note Reference Price $10.00 Coupon 0.0% Conversion Premium 30.0% premium to Reference Price Use of Proceeds Primarily to purchase Bitcoin Registration Rights PubCo shares underlying Notes to be registered on resale S - 1 within 60 calendar days following closing of the business combination Placement Agents Cohen C Company Capital Markets and Clear Street PROCAP FINANCIAL CONVERTIBLE NOTE TERMS – SUMMARY Note: (1) Represents value of Bitcoin held divided by principal value of convertible notes outstanding; (2) Represents value of Bitcoin able to be purchased from net proceeds of offering and cash in trust (excluding warrants) divided by the proforma equity value of PubCo; (3) Assumes $53.0M of cash costs which is comprised of placement agent fees, transaction costs, and working capital. Does not include impact of any warrants

![](ex99-2_012.jpg)

12 PROCAP BTC, LLC Appendix

![](ex99-2_013.jpg)

13 PROCAP BTC, LLC Bitcoin as a treasury asset Nation - states and corporations adopting Bitcoin Bitcoin ETFs and institutional adoption CBDCs (Central Bank Digital Currencies) EVOLUTION OF FINANCIAL SERVICES Ancient to Early Modern Banking Pre 1800s Industrial Age 1800 – 1S70s Digital Finance 1S70 – 2020s Bitcoin Treasury PRESENT Temples as early banks (Babylon, Egypt, Greece, Rome) Barter Systems and early coinage Lending and Merchant banking in Renaissance Italy (e.g., Medici Bank) safekeeping in temples Bills of exchange used Early joint - stock companies (e . g . , Dutch East India Company) by medieval merchants First central bank: Bank of Sweden (1668) Rise of central banks (e.g., Bank of England, Federal Reserve) Creation of the FDIC (1933) Major banks: JPMorgan, Goldman Sachs, Rothschilds Stock exchanges (NYSE, LSE) Credit cards and consumer banking Eurodollar market and offshore banking Deregulation and globalization Bitcoin (2009), Ethereum (2015) Mobile banking and neobanks Online banking, fintech Peer - to - peer lending and Crowdfunding Platforms DeFi and Stablecoins ProCap Financial, Inc. Aiming to Create One of the Largest Bitcoin - native Financial Services Companies Source: Investopedia and CGAA; Market Data as of 6/20/2025

![](ex99-2_014.jpg)

14 PROCAP BTC, LLC BITCOIN IS A TOP PERFORMING ASSET 2024 2023 2022 2021 2020 201G 2018 2017 2016 2015 Bitcoin 111.5% Bitcoin 154.2% Energy Sector 58.0% Bitcoin 57.6% Bitcoin 302.8% Bitcoin 87.2% US Agency (1.0%) Bitcoin 1,318.0% Bitcoin 121.9% Bitcoin 37.0% Growth 35.1% Semiconductor 34.5% Value (7.4%) Energy Sector 46.6% Semiconductor 61.2% Semiconductor 63.7% US Treasuries (1.1%) Emerging Markets (Ex. China) 31.3% Semiconductor 28.3% Semiconductor 9.4% US Large Cap 23.3% Growth 28.3% US Agency (8.4%) Semiconductor 42.4% Growth 32.0% Growth 29.1% Growth (1.4%) Growth 25.4% Energy Sector 24.7% Growth 3.8% Semiconductor 10.6% US Large Cap 24.2% Dividend Growth (8.5%) Growth 31.0% US Large Cap 16.3% US Large Cap 28.9% Structured Credit (2.4%) Semiconductor 24.5% US Small Cap 24.7% US Large Cap (0.7%) Value 9.8% Emerging Markets (Ex. China) 20.0% HY Corporates (11.8%) US Large Cap 26.9% Emerging Markets (Ex. China) 12.6% Value 28.6% US Total Bond (2.7%) Developed Markets (Ex. US) 23.2% HY Corporates 17.2% Structured Credit (0.8%) HY Corporates 8.3% Value 19.8% US Treasuries (12.5%) US Small Cap 25.3% US Small Cap 9.6% Dividend Growth 24.8% HY Corporates (3.3%) US Large Cap 19.4% Emerging Markets (Ex. China) 15.0% US Treasuries (1.0%) US Small Cap 6.8% Developed Markets (Ex. US) 14.5% US Total Bond (14.4%) Dividend Growth 23.0% Developed Markets (Ex. US) 8.3% US Small Cap 20.9% Dividend Growth (5.1%) Dividend Growth 18.8% Value 14.3% US Agency (1.3%) Dividend Growth 4.5% US Small Cap 13.9% Structured Credit (14.5%) Value 22.2% IG Corporates 7.9% Developed Markets (Ex. US) 18.9% US Large Cap (6.2%) Value 12.6% US Large Cap 9.5% Dividend Growth (1.5%) Emerging Markets (Ex. China) 3.6% HY Corporates 12.8% US Small Cap (17.4%) Emerging Markets (Ex. China) 10.0% HY Corporates 7.2% Emerging Markets (Ex. China) 16.2% IG Corporates (7.2%) US Small Cap 11.7% Dividend Growth 9.0% US Total Bond (2.1%) Energy Sector 2.3% Dividend Growth 5.7% Developed Markets (Ex. US) (18.6%) Developed Markets (Ex. US) 8.6% Dividend Growth 5.7% IG Corporates 13.4% Semiconductor (7.3%) HY Corporates 6.5% Growth 5.1% US Small Cap (3.4%) Developed Markets (Ex. US) 0.8% IG Corporates 5.0% Emerging Markets (Ex. China) (19.3%) HY Corporates 4.7% US Total Bond 5.2% HY Corporates 13.4% US Small Cap (9.8%) IG Corporates 3.7% IG Corporates 2.8% Developed Markets (Ex. US) (3.9%) US Agency 0.7% US Total Bond 2.3% US Large Cap (19.4%) Structured Credit (1.7%) US Treasuries 5.1% Energy Sector 8.0% Value (11.3%) US Total Bond 0.7% Developed Markets (Ex. US) 0.3% IG Corporates (4.5%) US Treasuries (1.7%) US Agency 2.2% IG Corporates (20.4%) US Agency (2.7%) Structured Credit 3.2% US Total Bond 4.7% Emerging Markets (Ex. China) (12.4%) US Treasuries 0.2% US Total Bond (0.2%) HY Corporates (4.9%) US Total Bond (1.9%) US Treasuries 2.0% Growth (30.1%) US Total Bond (3.3%) US Agency 2.2% US Treasuries 3.8% Developed Markets (Ex. US) (17.0%) Structured Credit (0.3%) Structured Credit (0.5%) Value (5.6%) Structured Credit (3.2%) Structured Credit (0.5%) Semiconductor (31.2%) US Treasuries (3.7%) Value (1.4%) Structured Credit 3.6% Energy Sector (20.5%) US Agency (0.6%) US Agency (1.0%) Emerging Markets (Ex. China) (16.9%) IG Corporates (3.5%) Energy Sector (4.1%) Bitcoin (65.3%) IG Corporates (4.1%) Energy Sector (36.5%) US Agency 1.9% Bitcoin (72.6%) Energy Sector (3.6%) US Treasuries (1.2%) Energy Sector (23.8%) Source: FactSet, Capital IQ, and MSCI

![](ex99-2_015.jpg)

15 PROCAP BTC, LLC Ticker NASDAQ: CEP LTM Return 231.7% (3) Bitcoin contemplated to be held 37,230 (2) Ticker NASDAQ: MSTR LTM Return 152.3% Bitcoin Held 5G2,100 Ticker TYO: 3350 LTM Return 2,2G1.G% Bitcoin Held 10,000 BITCOIN TREASURIES ARE OUTPERFORMING THE MARKET BVMF: CASH3 Ticker 107.4% LTM Return 320 Bitcoin Held EPA: ALTBG Ticker 5,806.8% LTM Return 1,653 Bitcoin Held Ticker NASDAQ: NXTT LTM Return (30.6%) Bitcoin Held 5,833 Ticker NASDAQ: NAKA LTM Return 388.7% Bitcoin contemplated to be held 7,630 (2) As of 6/20/2025, 132 public treasury companies collectively held 840,634 Bitcoin, valued at approximately $84B (1) Select Bitcoin Treasuries Source: NYDIG Research, BitcoinTreasuries.net, and FactSet. Market Data as of 6/20/2025; (1) Figure includes implied Bitcoin holdings from Kindly MD's purchase; Public Bitcoin treasury value assumes Bitcoin price of $100,000; (2) Bitcoin held assumes the total proceeds received pending transaction - close divided by assumed Bitcoin price; (3) Return as of CEP IPO on 7/13/2024; (4) As of 6/20/2025 Top Bitcoin treasury firms currently outperform traditional companies with Bitcoin - backed strategies Last Twelve Months of Share Price Performance (4) 152% 77% 54% 42% 36% 13% 10% G% G% 7% 7% 1% MSTR TSLA BTC Gold META AMZN NVDA QQQ SsP 500 MSFT VNQ Bonds (4%) Apple (6%) GOOG

![](ex99-2_016.jpg)

16 PROCAP BTC, LLC CREATING A LEADING BITCOIN - NATIVE FINANCIAL SERVICES COMPANY Note: (1) Assume the consummation of Private Placement of $516.5M Equity Units and $235M Convertible Note(s); (2) Assume no exercise of the outstanding warrants of the SPAC and no redemption of the publicly traded Class A ordinary shares of the SPAC SEEK TO CAPITALIZE THE BUSINESS WITH UP TO ~$1 BILLION IN BITCOIN (1)(2) ▪ Deploying $751.5M (1) Immediately: Structure allows us to begin acquiring Bitcoin immediately — avoiding complex merger structures and providing us the potential to fully capitalize on current market momentum ▪ Bitcoin Treasury Strategy: Capital strategy centers on compounding Bitcoin per share, leveraging structured equity and debt to maximize Bitcoin yield ADD ON ACCRETIVE CASH - FLOW POSITIVE REVENUE SERVICES 1 2 ▪ Disciplined Capital Approach s Focus on Profit: Committed to efficient capital deployment and building a high - margin, cash - generative operating business alongside our Bitcoin treasury strategy ▪ Acquire Financial Services Companies: Seek to acquire complementary businesses (e.g., asset management and trading businesses) to accelerate our current platform AIM TO BECOME ONE OF THE LARGEST BITCOIN - NATIVE FINANCIAL SERVICES COMPANY ▪ Advance Institutional Bitcoin Adoption: Our platform and network gives a structural edge to advance the contemplated adoption of Bitcoin across the entire financial industry ▪ Support Ecosystem Growth: Committed to identifying and pursuing opportunities that contribute to the development and resilience of the broader Bitcoin ecosystem 3

![](ex99-2_017.jpg)

17 PROCAP BTC, LLC RISKS RELATED TO PUBCO'S BUSINESS AND Bitcoin TREASURY STRATEGY AND HOLDINGS • Upon Closing, PubCo's principal asset will be Bitcoin . Bitcoin is a highly volatile asset, and PubCo's operating results may significantly fluctuate, including due to the highly volatile nature of the price of Bitcoin and erratic market movements . The concentration of PubCo's Bitcoin holdings enhances the risks inherent in its Bitcoin strategy . • Due to PubCo's limited operating history and the concentration of its Bitcoin holdings, it will be difficult to evaluate PubCo's business and future prospects, and PubCo may not be able to achieve or maintain profitability in any given period . • PubCo will operate in a highly competitive environment and will compete against companies and other entities with similar strategies, including companies with significant Bitcoin holdings and spot exchange traded funds and spot exchange traded products ("ETPs") for Bitcoin and other digital assets, and PubCo's business, operating results, and financial condition may be adversely affected if PubCo is unable to compete effectively. • Investing in Bitcoin exposes PubCo to certain risks associated with Bitcoin, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges and other risks inherent in its entirely electronic, virtual form and decentralized network. PubCo's risk management methods to address these risks might not be effective. • PubCo's quarterly operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of its common stock. • The value of PubCo common stock will depend to a great extent on market demand for PubCo's Bitcoin strategy . For example, corporate adoption of Bitcoin has become increasingly trend - driven as companies outside of the cryptocurrency industry seek to acquire Bitcoin in an effort to enhance their market profiles, to drive investor interest or to pursue strategies that may not be related to their core businesses . If market demand for that strategy were to diminish, the value of PubCo common stock could decrease significantly . • A significant decrease in the market value of PubCo's Bitcoin holdings could adversely affect its ability to satisfy its financial obligations under PubCo's Convertible Notes Offering and any subsequent debt financings . • Future developments regarding the treatment of crypto assets for U . S . and foreign tax purposes could adversely impact PubCo's business . • Unrealized fair value gains on its Bitcoin holdings could cause PubCo to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022 . • Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty. • The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of Bitcoin and adversely affect PubCo's business. • The availability of spot ETPs for Bitcoin and other digital assets may adversely affect the market price of its listed securities and may make it more difficult for PubCo to execute its Bitcoin strategy. • There is legal and regulatory uncertainty around Bitcoin and digital assets, and PubCo's Bitcoin strategy could subject PubCo to enhanced regulatory oversight. • Bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes. • PubCo's Bitcoin holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents. • If PubCo or its third - party service provides experience a security breach or cyber - attack and unauthorized parties obtain access to its Bitcoin assets, PubCo may lose some or all of its Bitcoin assets temporarily or permanently and its financial condition and results of operations could be materially adversely affected . • PubCo faces risks relating to the custody of its Bitcoin, including the loss or destruction of private keys required to access its Bitcoin and cyberattacks or other data loss relating to its Bitcoin, which could cause PubCo to lose some or all of its Bitcoin. • Regulatory change reclassifying Bitcoin as a security could lead to the PubCo's classification as an "investment company" under the Investment Company Act of 1940 and could adversely affect the market price of Bitcoin and the market price of its listed securities. Any such regulatory change could also require PubCo to institute burdensome regulatory requirements, and its activities may be restricted. PubCo is not subject to the legal and regulatory obligations that apply to investment companies such as mutual funds and exchange - traded funds, or to obligations applicable to investment advisers, which could pose risks to investors. • If PubCo were to become subject to the legal and regulatory obligations that apply to investment companies such as mutual funds and exchange - traded funds, or to obligations applicable to investment advisers, the costs of compliance could be burdensome and could prevent PubCo from executing its Bitcoin strategy. • PubCo's Bitcoin strategy exposes it to risk of non - performance by counterparties, including in particular risks related to its custodians. • Because a substantial portion of PubCo's total assets will consist of Bitcoin, a prolonged decline in the market price of Bitcoin could cause PubCo to fall below Nasdaq's continued listing standards for minimum stockholders' equity or market value of listed securities. • Negative developments in the cryptocurrency industry — including fraud, cybercrime or platform failures — may result in unfavorable publicity and could impact investor sentiment with respect to PubCo even if PubCo is not directly involved in any of the reported events. RISKS RELATED TO THE BUSINESS COMBINATION • The consummation of the Business Combination is subject to a number of factors, including the successful execution by the Parties of a definitive business combination agreement. • The consummation of the Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the business combination agreement may be terminated in accordance with its terms and the Business Combination may not be completed. • The principal assets of PubCo following the Business Combination will be its Bitcoin holdings and cash and cash equivalents from the proceeds of the Business Combination and the Private Offerings not invested in Bitcoin. Although PubCo is expected to have certain other operations, PubCo will depend on such retained cash and cash equivalents to pay its debts and other obligations. • If the Business Combination is not approved and CCCM does not consummate another initial business combination by its deadline, then the ordinary shares of CCCM held by CCCM's sponsor (the "Sponsor") will become worthless and the expenses it has incurred will not be reimbursed. These interests may influence CCCM's decision to pursue the Business Combination. • The market price of PubCo's common stock after the Business Combination will be affected by factors different from those currently affecting the prices of Class A ordinary shares of CCCM. • The ability of public shareholders of CCCM to exercise redemption rights with respect to a large number of CCCM's public shares may reduce the amounts in CCCM's trust account that would be available to PubCo after the Business Combination, may reduce the public "float" of CCCM Class A ordinary shares, may reduce the liquidity of the trading market for the CCCM Class A ordinary shares on Nasdaq, or may make it difficult to obtain or maintain the listing or trading of PubCo common stock on Nasdaq, and consequently may not allow the parties to complete the Business Combination, or to optimize PubCo's capital structure following the Business Combination. • In the past year, there has been a precipitous drop in the market values of companies formed through mergers involving special purpose acquisition companies. Securities of companies such as PubCo that formed through business combinations with special purpose acquisition companies such as CCCM may experience a material decline in price relative to the share price of the special purpose acquisition companies prior to such business combinations. As a result, securities of companies such as PubCo may be more volatile than other securities and may involve special risks. • Litigation relating to the Business Combination could result in an injunction preventing completion of the Business Combination, substantial costs to the Company, PubCo and CCCM, and/or may adversely affect PubCo's business, financial condition or results of operations following the Business Combination. • The trading price and volume of PubCo common stock may be volatile following the Business Combination. • Volatility in the price of PubCo's common stock could subject PubCo to securities class action litigation. • The financial forecasts for PubCo are based on various assumptions that may not be realized. • PubCo shareholders will experience dilution in the future due to any exercise of existing warrants and any future issuances of equity securities in PubCo. • The issuance of additional shares or convertible securities by PubCo could make it difficult for another company to acquire PubCo, may dilute the ownership of PubCo stockholders and could adversely affect the price of PubCo common stock. • The market price for the common stock of PubCo following the closing may be affected by factors different from those that historically have affected or currently affect CCCM Class A ordinary shares. • Investors in the Private Offerings will experience immediate and material dilution upon closing of the Business Combination as a result of the CCCM Class B ordinary shares held by the Sponsor, since the value of the CCCM Class B ordinary shares is likely to be substantially higher than the nominal price paid for them, even if the trading price of PubCo common stock at such time is substantially less than the price per share paid by investors in the Private Offerings. • Future resales of PubCo common stock after the consummation of the Combination may cause the market price of PubCo's securities to drop significantly. • Investors in the Private Offerings will deposit the amounts related to their subscriptions into escrow, and the escrow will be invested in Bitcoin immediately. The price of Bitcoin is volatile, and the investors in the Private Offerings could experience substantial losses related to their Bitcoin investments.

![](ex99-2_018.jpg)

18 PROCAP BTC, LLC RISKS RELATED TO THE PUBCO'S CONVERTIBLE NOTES OFFERING • PubCo may be able to incur substantial indebtedness. This could exacerbate the risks to PubCo's financial condition described above and prevent PubCo from fulfilling its obligations under the notes. • PubCo may not be able to generate sufficient cash to service all of its indebtedness, including the notes, and may be forced to take other actions to satisfy its obligations under its indebtedness, which may not be successful. • PubCo's inability to generate sufficient cash flows to satisfy its debt obligations, or to refinance its indebtedness on commercially reasonable terms or at all, would materially and adversely affect PubCo's financial position and results of operations and PubCo's ability to satisfy its obligations under the notes. • The Secured Convertible Debenture for the debt financing may contain terms that restrict PubCo's current and future borrowing costs and reduce its access to capital. • A lowering or withdrawal of the ratings assigned to PubCo's debt securities by rating agencies, if any, may increase PubCo's future borrowing costs and reduce its access to capital. • The notes will be secured by a substantial portion of the assets of PubCo. As a result of these security interests, such assets would only be available to satisfy claims of PubCo's general creditors or to holders of PubCo's equity securities if PubCo were to become insolvent to the extent the value of such assets exceeded the amount of PubCo's secured indebtedness and other obligations. In addition, the existence of these security interests may adversely affect PubCo's financial flexibility. • Federal and state fraudulent transfer laws may permit a court to void the notes and, if that occurs, the noteholders may not receive any payments on the notes. • PubCo may not have the ability to raise the funds necessary to settle conversions of the notes, repurchase the notes, or to repay the notes in cash at their maturity, and PubCo future debt may contain limitations on its ability to pay cash upon conversion, redemption or repurchase of the notes. • The conversion rate of the notes may not be adjusted for all dilutive events that may occur. • The increase in the conversion rate applicable to the notes that holders convert in connection with a redemption or conversion may not adequately compensate noteholders for the lost option time value of the notes. • Liquidity, regulatory actions, changes in market conditions and other events may adversely affect the trading price and liquidity of the notes and the ability of investors to implement a convertible note arbitrage trading strategy. • Upon conversion of the notes, noteholders may receive less valuable consideration than expected because the value of the PubCo common stock may decline after noteholders exercise their conversion right but before the PubCo settles the conversion obligation. • Conversion or redemption may adversely affect noteholders' return on the notes. • Investors in the notes may have to pay U.S. federal income tax if PubCo adjusts the conversion rate of the notes in certain circumstances, even if they do not receive any cash. • The accounting method for convertible debt securities that may be settled in cash, including the notes, may have a material effect on PubCo's reported financial results. • The market price of PubCo's common stock, which may fluctuate significantly, may directly affect the value of the notes. • There is expected to be limited trading and liquidity for the notes, and notwithstanding any registration rights and trading being facilitated through the facilities of The Depository Trust Company, holders' ability to sell the notes could be limited. • Noteholders will not be entitled to any rights with respect to PubCo's common stock, but will be subject to all changes made with respect to PubCo's common stock. • The notes are convertible into PubCo's common stock. As a result, noteholders will be subject to all of the risks associated with holding common stock of a public company listed on Nasdaq.