Grayscale warns that Bitcoin-linked preferred stocks like Strategy's STRC carry a CCC credit rating risk equivalent to 50% volatility, urging investors to choose spot Bitcoin ETPs for safer exposure.

Grayscale says Bitcoin-linked preferred stocks such as Strategy’s STRC carry risks comparable to CCC-rated debt, as dividends depend on Bitcoin price appreciation. The firm argues spot Bitcoin ETPs remain a better option for investors seeking pure Bitcoin exposure.

Grayscale says Bitcoin-linked preferred stocks such as Strategy’s STRC carry risks comparable to CCC-rated debt, as dividends depend on Bitcoin price gains rather than cash flow. The firm argues spot Bitcoin ETPs remain a cleaner option for investors seeking direct exposure.

Australian exchange Swyftx partners with blockchain forensic firm TRM Labs to launch a pilot project rewarding users with Bitcoin for enabling 2FA and completing security course. The exchange has already blocked ~$2M in scams amid rising crypto losses of $146M in Australia.

Australian crypto exchange Swyftx partners with blockchain forensics firm TRM Labs to launch a pilot program rewarding 2,000 users with AUD $10 in Bitcoin for enabling 2FA and completing an anti-fraud course, amid a surge in crypto scams causing nearly $146 million in losses.

ProCap BTC, LLC, a bitcoin-native financial services firm backed by Anthony Pompliano, announced the purchase of 3,724 BTC at a time-weighted average price of $103,785 per bitcoin, bringing the total value of the acquisition to roughly $386 million. The company said it intends to continue accumulating bitcoin for its balance sheet as part of its ongoing business strategy. The announcement comes shortly after ProCap BTC revealed a definitive agreement to merge with Columbus Circle Capital Corp. I, listed on NASDAQ under the ticker CCCM, to create ProCap Financial, Inc. According to the disclosure, the combined company is expected to launch with up to $1 billion in bitcoin on its balance sheet, a scale described as the largest initial fundraising for a public bitcoin treasury company to date. The deal structure includes $516.5 million in equity and $235 million in convertible notes. Pompliano said the legacy financial system is being disrupted by bitcoin and positioned ProCap Financial as a response to growing demand for bitcoin-native financial services from sophisticated investors. He added that the company aims not only to accumulate bitcoin, but also to deploy risk-mitigated strategies designed to generate revenue and profit from its holdings. CCCM CEO Gary Quin endorsed the merger, highlighting Pompliano’s record as an investor, operator, and early advocate in the bitcoin ecosystem.

Anthony Pompliano has announced a $1 billion merger that will create ProCap Financial through a SPAC transaction with Columbus Circle Capital Corp. (CCCM). The deal is being described as the largest initial fundraising ever completed for a public Bitcoin treasury company, including $516.5 million in equity and $235 million in convertible notes. Once the transaction closes, ProCap Financial is expected to hold as much as $1 billion in Bitcoin on its balance sheet and pursue Bitcoin-native financial strategies aimed at institutional clients. The structure gives investors including Magnetar Capital, Woodline Partners LP, Anson Funds, and Blockchain.com direct Bitcoin exposure tied to a public-market vehicle. ProCap also said it plans to begin purchasing Bitcoin within 15 days of signing definitive agreements, with the assets held in custody before closing. The convertible notes include a 130% conversion rate, a 0% interest rate, maturities of up to 36 months, and 2x collateralization in cash or Bitcoin. The deal is expected to close by the end of 2025, subject to SEC approval, shareholder approval from CCCM, and review under an S-4 registration statement. The announcement also reinforces Pompliano’s long-standing thesis that Bitcoin is increasingly treated as a store of value and that institutional adoption remains a major driver of market expansion.

Anthony Pompliano has announced a $1 billion merger that will create ProCap Financial through a SPAC transaction with Columbus Circle Capital Corp. (CCCM). The deal is being described as the largest initial fundraise ever for a public Bitcoin treasury company, including $516.5 million in equity and $235 million in convertible notes. Once completed, ProCap Financial is expected to hold up to $1 billion in Bitcoin on its balance sheet while building Bitcoin-native financial services aimed at institutional clients. The transaction also features notable backing from investors such as Magnetar Capital, Woodline Partners LP, Anson Funds, and Blockchain.com. ProCap says it plans to begin purchasing Bitcoin within 15 days of signing definitive agreements, with the assets held in custody until closing. The article also highlights the structure of the zero-interest convertible notes, the regulatory approvals still required from the SEC and CCCM shareholders, and why this transaction fits with Pompliano’s long-standing thesis that Bitcoin is a superior store of value and an increasingly important institutional asset.