2025-06-23 20:58:04

To investors,

I have watched the public company bitcoin treasury landscape develop over the last year and it became obvious to me there were ways to potentially improve on the model. Rather than sit around as a Monday morning quarterback, I decided to jump into the arena and build the solution that I envisioned.

Today I am announcing a $1 billion merger to create ProCap Financial, a bitcoin-native financial services firm. The company will be a publicly traded entity on Nasdaq at the conclusion of the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle Capital Corp I, a publicly traded SPAC.

The ticker for the publicly traded entity right now is CCCM.

As part of this business combination, I have raised more than $750 million, which is the largest initial fundraise in history for a publicly-traded bitcoin treasury company. We are fortunate to have raised this capital from some of the leading institutional investors on Wall Street, along with many of the most well-known crypto investors globally.

ProCap Financial will focus on acquiring bitcoin for its balance sheet, while also developing products and services to produce revenue and profit from the bitcoin on our balance sheet over time. This is similar to the traditional financial service firms. However, we will use bitcoin as the foundation for our world, rather than US dollars.

The tagline for ProCap Financial is simple — Bitcoin is the new hurdle rate.

This idea is true for a generation of investors who understand bitcoin and are using it as the benchmark for their portfolio. As I have said for awhile, “If you can’t beat it, you have to buy it.” And that is exactly what ProCap Financial plans to do…buy bitcoin.

I didn’t take this decision lightly since I am becoming the CEO of a publicly traded company. But I think the idea of a bitcoin-native financial services firm is important and I want to be the person to help pioneer the intersection of bitcoin and traditional finance.

Wall Street institutions are invested. Bitcoin and crypto leaders are invested. Now it is time to get to work. Let’s see what we can do with ProCap Financial once the business combination is finalized (NASDAQ: CCCM).

You can read the press release below. Talk to everyone tomorrow.

- Anthony Pompliano

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.

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: [email protected]; 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.

2025-06-19 22:09:43

To investors,

Stablecoins are eating the world. It seems like every market participant is jumping head first into the game right now. Here are a few examples:

1. The Senate recently passed the GENIUS Act in another step towards a federal framework for stablecoins.

2. Stripe announced a deeper partnership with Shopify to help businesses in 34 countries immediately start accepting stablecoins via Shopify.

3. Coinbase announced Coinbase Payments, which is a full-stack stablecoin payments product built for commerce platforms.

4. Founders Fund invested in Ubyx, which is a clearing system for stablecoins built by a 20-year veteran at Citigroup.

5. JPMorgan announced the launch of JPMD, the bank’s alternative to US dollar stablecoins.

6. The Wall Street Journal reported that Walmart and Amazon are both exploring how to launch their own stablecoins.

This list is not exhaustive for even the last week, but it highlights just how quickly companies are embracing this new technology. Even Treasury Secretary Scott Bessent was pushing the stablecoin narrative in a recent interview when he said stablecoins could reinforce dollar supremacy. Here is the clip:

It doesn’t get more serious than the leader of the United States Treasury saying stablecoins are essential for the US dollar to continue winning on the global stage.

Castle Island’s Nic Carter recently reminded us about a speech he gave last year on stablecoins. Nic writes:

“Cryptodollarization has happened already, arguably in Venezuela, Argentina, and Nigeria. I believe it's much more aggressive than conventional dollarization, which is often limited by availability of physical banknotes. I believe that in a decade there will be many fewer sovereign currencies and most weak nations will be dollarized – not through USG intervention but by a spontaneous "bottom up" process.

In effect consumers engage in currency substitution and force the government's hand. Stablecoins eliminate the power of borders in currency choice and allow network effects to actually take hold. This is why we see the dollar representing >99% of stablecoins but only 40-60% of international reserves and financial flows. Stablecoins make currency substitution must faster and more aggressive, and they are also impossible to stop. In almost all cases where nation states have attempted to prohibit flows out of local FX into USD stablecoins, they have eventually relented.”

I completely agree with Nic. Bitcoin is going to win, but US dollars in stablecoin form are going to aggressively win as well. This means the weakest fiat currencies are going to fall at the feet of bitcoin and dollars.

It is crazy to watch this play out. Technologists built better payment rails for all currencies, so now the legacy players are having to bend the knee to adopt dollar stablecoins. Don’t expect this trend to slow down any time soon.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Patrick McHenry on Bitcoin, Stablecoins and Regulation

Patrick McHenry is the former chairman of the House Financial Services Committee, and the Vice Chairman at Ondo Finance.

In this conversation we talk about bitcoin, ETFs, bitcoin treasury companies, legislation around stablecoins, tokenization, and how Patrick sees the world evolving.

Enjoy!

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11. Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

2025-06-17 20:56:49

To investors,

The rise of self-directed investors has been widely discussed, but we just got new data that suggests the trend is even more pervasive than we previously thought.

As retail investors have entered the market, there has been a bifurcation in their behavior. One group is sophisticated and informed. They follow timeless investing principles, allocating their capital based on thorough analysis, and tend to perform well in their portfolio. The other group, who is less sophisticated and disciplined, is full of people essentially gambling on vibes, hopes, and dreams.

This second group is the cohort that gives retail investors a bad name. And for good reason — take this insane fact from Zerohedge: penny stocks just hit a record 47.4% of total market volume.

Think of how crazy that is. Nearly $1 out of every $2 in market volume is coming from stocks that are worth less than $1. It would be funny if it wasn’t so concerning.

Now here is the thing — we are seeing this rise of retail across different asset classes. For example, the bitcoin and crypto industry, which is just a different type of public market, sees hundreds of billions of dollars in trading volume per day. While the traditional finance folks complain that public companies have fallen from more than 8,000 listed companies to something closer to 4,000, they are missing the fact that an army of investors and traders have taken to crypto markets to get their fix of public, liquid assets with volume.

So the expansion of liquid tradable assets, plus the increased access thanks to infrastructure like Robinhood/Public/eToro, has drastically increased the number of people participating in the market. And these people are looking to financial assets for hope they can capture a slice of the American Dream, including the financial security that was enjoyed by their parents and grandparents.

When the system abandons you, some portion of the population is going to take things into their own hands and see if they can grow their financial wealth through risk taking. Of course, this increased demand is not only finding its way to the penny stocks though — we are also seeing tech stocks pushed to alarming levels as well.

Barchart highlights that tech stocks relative to M2 money supply is now higher than it was during the dot come bubble.

On one hand this is concerning because of the relative overvaluation, but on the other hand the tech industry has produced some of the best businesses humans have ever built. So where we go from here is anyone’s guess. I am a believer that capital flows and global liquidity will determine the direction of stocks and crypto much more than the underlying fundamentals of any one asset.

This means the Fed announcement tomorrow will have a large impact on the direction of asset prices through the end of the year. If we get the interest rate cut, assets will go up faster than we think. If we don’t get the interest rate cut, we should expect to continue going sideways or a slight grind up through the summer. Kalshi has the odds of a Fed rate cut tomorrow at only 3%, but I think the odds are higher.

I don’t know if they will do it — however, I know they should do it. Inflation is not a problem, the world is addicted to cheap money, and we need to incentivize investment and risk taking. Cut the rates and give people or businesses access to a lower cost of capital.

I wouldn’t bet on the Fed being ahead of the curve though. They have made a living being a few months late in recent history. Lets see what happens.

Hope everyone has a great day. I’ll talk to you all tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Patrick McHenry on Bitcoin, Stablecoins and Regulation

Patrick McHenry is the former chairman of the House Financial Services Committee, and the Vice Chairman at Ondo Finance.

In this conversation we talk about bitcoin, ETFs, bitcoin treasury companies, legislation around stablecoins, tokenization, and how Patrick sees the world evolving.

Enjoy!

Podcast Sponsors

1. Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

2. EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

3. Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

4. Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

5. Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

6. Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

8. Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

9. Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

10. BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

11. Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

2025-06-16 20:58:30

To investors,

You begin thinking you have seen nearly everything that is possible after being in the bitcoin and crypto industry for nearly a decade, but every once in awhile you see something new that surprises you. That is exactly what happened yesterday when I saw a video clip of Cardano founder Charles Hoskinson talking in a recent recording.

Here is Hoskinson talking about selling his altcoins from the Cardano treasury in order to buy bitcoin:

This clip is eye-opening for a number of reasons. First, Hoskinson is essentially admitting that his altcoin will not be able to hold water compared to bitcoin over time. The only way to create long-term economic value is to sell his altcoin treasury and purchase bitcoin. This seems to signal the altcoin founders understand bitcoin is never going away.

Second, Hoskinson seems to understand that the bitcoin treasury companies are conducting a speculative attack on bitcoin. They are selling shares to buy bitcoin, so the altcoin foundations have the ability to sell their altcoins to buy bitcoin. The speculative attack, which was popularized by Pierre Rochard in 2014, has become one of the most important ideas to further the adoption of bitcoin in recent years.

Third, and maybe most interestingly, the dominant performance of bitcoin treasury companies has become too breathtaking to ignore. Take Metaplanet as an example — Simon Gerovich, Dylan LeClair and the team have created one of the best performing stocks in the world. The company has grown their bitcoin balance sheet from 0 bitcoin to 10,000 bitcoin in a little over one year. Just incredible to watch.

So imagine you are sitting on hundreds of millions of dollars in altcoins and you are watching them continue to degrade in value against bitcoin. You naturally start thinking it could be economically accretive to sell the altcoins and buy bitcoin. This is no different than selling debased US dollars or public company equity. We are watching the speculative attack permeate every corner of the financial world.

Everyone wants bitcoin and they are willing to sell whatever value they own in order to get more bitcoin. This has long been the thesis of bitcoiners — hard money ultimately sucks capital into its black hole — it is cool to see the thesis playing out globally.

And if you think bitcoin is close to toping out for this cycle, remember we still have a long way to go for bitcoin to catch up to global M2 supply. Raoul Pal recently highlighted that “89% of all BTC's price action is explained by global liquidity.”

This suggests bitcoin should see $150,000 price point in the coming months, but no one has a crystal ball so lets see what happens. Bitcoin is infiltrating Wall Street in new ways every day. People want as much of the digital asset as they can get their hands on. And a speculative attack is not a bad way to do it, especially if you are sitting on a treasury of altcoins.

Hope everyone has a great start to their week. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Short Squeeze Incoming? Bitcoin, Iran, and the Global Power Crisis

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation we talk about Israel, Iran, what it means for the stock market, bitcoin, oil, gold, AI stories of the week, inflation coming in weaker, and what Jordi is excited about.

Enjoy!

Podcast Sponsors

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2. EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

3. Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

4. Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

5. Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

6. Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

8. Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

9. Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

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11. Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

2025-06-11 19:44:46

To investors,

Pessimists sound smart, optimists make money.

This old adage is proving to be more true every day. Adam Kobeissi is just as impressed with the market’s historic recovery as I am. He writes:

“The S&P 500 has rallied +20.4% over the last 41 trading sessions, its third-best run this century. During the same period, the Nasdaq 100 has risen +27.3%, its third-biggest rally since 2002. Only 2020 and 2008 haven seen such sharp recoveries over the last two decades. As a result, the S&P 500 and the Nasdaq 100 are now trading just 2.1% and 1.8% from their all-time highs. We have gone from a historically weak to a historically strong market in a matter of days.”

And this type of historic recovery usually suggests stocks will be significantly higher 1 year from now. Puru Saxena shows the average return is 20% in the next 12 months when the S&P rallies from -18% below a 52 week high up to -3% within 50 days.

This optimism in the stock market is not exclusively held by investors. EJ Antoni reminds us that “consumer confidence comes roaring back in May, reversing the April plunge; the level is still down significantly from November, but the stock market recovery has given it a considerable boost - it's interesting that the index has become increasingly tied to equity prices.”

So we have a historic rally in public equities, which is driving enthusiasm back into the market, and consumer confidence is finally recovery as well. But another area where we can clearly see the wide-eyed, bushy tail outlook is in the true global macro asset of bitcoin. Bitcoin Magazine writes “Bitcoin has stayed above $100,000 for 30 consecutive days for the first time ever.”

Not bad for an asset that started at fractions of a penny about 15 years ago. But don’t get too crazy in your price predictions for this bull market. Galaxy’s Alex Thorn writes “This is looking like a longer and more measured bitcoin cycle than priors.”

And it is not hard to see where bitcoin will likely go in the coming weeks and months when you take a look at the correlation to global M2 money supply.

So here is the thing — all the pessimists from April sounded smart, but most of them didn’t make much money as the market rallied in a historic recovery. Too many people think they can time markets, predict the future, and optimize short-term results. Obviously, the people who tend to do best though are those with the patience to stay focused on the long-term and simply hold great assets for as long as possible.

Simple strategy, hard to execute.

Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

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Bitcoin Rises Amid Debt, Chaos, and Riots

Polina Pompliano and Anthony Pompliano discuss Circle IPO, bitcoin, rise of crypto companies on Wall Street, what it means for your portfolio, what is going on with LA riots, how we could solve the problem, and why Invest America is pushing to give every newborn $1,000 to invest.

Enjoy!

Podcast Sponsors

1. Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

2. EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

3. Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

4. Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

5. Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

6. Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

8. Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

9. Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

10. BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

11. Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

2025-06-10 20:42:41

To investors,

The Federal Reserve cracked the market in 1971 when we went off the gold standard and America’s central bank finished the job by breaking the market in 2008-2009 with the undisciplined use of quantitative easing. Prolonged bear markets have been outlawed and anyone saving in dollars is punished annually with 5% or more debasement of their economic value.

Not exactly a rosy picture for millions of Americans.

But this trend of debasement has slowly convinced more citizens to allocate their hard earned money to public equities as a percentage of their portfolio. Mike Zaccardi highlights recent JPMorgan data that shows US household stock ownership as a percentage of total assets is now at an all-time high.

As we close in on 30% in that metric, it is important to remember only 62% of Americans own stocks, according to Perplexity. This includes ownership of individual stocks as well as stocks held indirectly through mutual funds, 401(k) plans, IRAs, and other retirement accounts. Here is a breakdown of who owns those stocks:

By Income:

• 87% of adults in households earning $100,000 or more own stocks.

• Only 28% of those in households earning less than $50,000 own stocks.

• Among those with less than $30,000 in annual income, ownership drops to 25%.

By Education:

• 84% of college graduates own stocks.

• 42% of those with a high school education or less own stocks.

By Race/Ethnicity:

• 70% of White adults own stocks.

• 53% of Black adults own stocks.

• 38% of Hispanic adults own stocks.

By Marital Status:

• 77% of married adults own stocks, compared to 49% of unmarried adults.

Now we know that stock ownership, and broadly asset ownership, is a major driver of wealth in this country. But more than 30% of Americans don’t have any stocks in their portfolio, so we are seeing a big push from the private sector to improve the situation and ensure more Americans have exposure to the US economy through the stock market.

The initiative is called Invest America and the idea is to have every newborn receive $1,000 in a special account that gives them exposure to the US stock market. The concept calls for the child to hold that money until they are at least 18 years old, which would let compounding work in their favor and deliver economic value to a young adult thanks to the US government setting them up in a good position at birth.

Here is Invest America founder Brad Gerstner talking about the program at the White House yesterday:

The idea of Invest America is very popular for obvious reasons. Comedian Andrew Schulz shared yesterday “I didn’t buy a stock until I was 35 bc I was financially illiterate (still am) and it seemed too risky. Let’s get as many Americans as we can invested in the success of American industry EARLY.”

Here is Andrew talking about Invest America a few months ago:

I would love to see Invest America become the law of the land. Give every newborn child $1,000 exposure to capitalism and lets ensure we have the system working for our people, rather than against them. The Federal Reserve and politicians are never going to stop printing money, so lets not operate in some charade.

Get the kids exposure to the 500 best American companies. They will be very thankful a few decades from now. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Anthony Pompliano on CNBC’s Squawk Box Yesterday Morning

Anthony Pompliano joins CNBC and Squawk Box to talk about bitcoin, stablecoins, Gemini filing for IPO, traditional finance meeting crypto, retail continues to buy dip, and why the world wants bitcoin and US dollars.

Enjoy!

Podcast Sponsors

1. Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

2. EightSleep - Recently launched The Pod 5, a high-tech mattress cover you can easily and quickly add to your existing bed. Use code Anthony for $350 off your Pod 5 Ultra

3. Bitizenship - Get EU residency through Portugal’s Golden Visa while maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp..

4. Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

5. Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

6. Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

8. Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

9. Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

10. BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

11. Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.