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By Anthony Pompliano, I share my analysis on the latest in business, finance, the economy, and bitcoin.
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Bitcoin's Risk-Reward Is Off The Charts

2025-07-10 21:58:52

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To investors,

The holy grail of investing is to find asymmetric assets that present a more attractive risk-reward trade-off than other opportunities. Anyone can grab a significant return from time-to-time if they are willing to take immense risk. It is much harder to drive outsized returns when you account for the risk you are taking.

This is why bitcoin has become such an incredible asset for investors to add to their portfolio. Take a look at this chart that was shared by Bitwise’s Matt Hougan:

Quite literally, bitcoin is in a class of its own. There is not another asset even in the same zip code as the world’s largest digital currency.

Bitcoin has appreciated 93% in the last year, 1,096% in the last 5 years, and 38,122% in the last decade. The compound annual growth rate for the last 5 years is 64%. These are video game numbers for traditional investors.

But the more impressive part is how Bitcoin’s sharpe ratio stacks up against other assets. According to Case Bitcoin, bitcoin’s 5-year sharpe ratio is 1.34. Compare this to gold (0.96), stocks (0.81), and treasuries (-0.56).

See here is the thing — most retail investors ask themselves how high an asset can go. That is obviously an important question, but the more sophisticated investor asks themselves “how much can I make given the risk I have to take?”

And there is no better answer to that question than bitcoin. Literally nothing else compares. Bitcoin is the story of our generation. A decentralized, digital asset has grown from nothing into a multi-trillion dollar asset. You have the likes of Larry Fink, Paul Tudor Jones, and Stanley Druckenmiller all sharing the same talking points as your crazy libertarian uncle.

Bitcoin won’t stop going up until they stop printing money and it seems obvious now that they are never, ever going to stop printing money.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management


Bitcoin Is Taking Over Wall Street

Anthony Pompliano and John Pompliano discuss everything that is happening with bitcoin, why bitcoin ETFs are making more money than S&P EFTs, US dollar collapse and what that means for asset prices, why Elon Musk wants to start a new political party, and how this all affects your portfolio.

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. Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

  3. 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

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

  5. 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.

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

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

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

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

  10. 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.


The Bitcoin Invasion Of Wall Street Is Just Starting

2025-07-09 21:16:26

To investors,

The bitcoin invasion of Wall Street has just begun. We have seen the bitcoin ETFs become the most successful ETF launch in history, bitcoin treasury companies are some of the best performing stocks in recent years, and now real estate funds are starting to marry bitcoin with one of the largest asset classes in the world.

This is happening at warp speed because Wall Street doesn’t feel like they are under attack. Instead, the traditional financial players are racing to embrace bitcoin. They realize this new asset brings them new clients, new assets under management, and new revenue. The asset also comes with volatility, which brings potential profits for those who can position themselves correctly.

The legacy players aren’t fighting off the attack — they are encouraging it. They have opened the doors to the largest pools of capital and bitcoin is being invited in. This may not sit well with the hardcore bitcoiners who were originally attracted to the asset because it was outside the system. Those libertarian ethos still exist to a degree, for example nothing about bitcoin’s system has changed, but it is important that everyone participates if you want true mass adoption, including Wall Street.

As I continue to say, bitcoin is the only asset I am aware of where it becomes less risky as it grows in size. There were few sophisticated capital allocators who could gain exposure when bitcoin was $100 - 200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.

And this is where the Wall Street invasion becomes important. Wall Street is exceptional at creating wrappers for different assets. The ETF is a wrapper around spot bitcoin. The bitcoin treasury companies are wrappers around bitcoin accumulation machines. The real estate funds are wrappers around tax-advantaged, income-producing bitcoin exposure. And there will be many more wrappers.

These wrappers will appeal to different investors for different purposes. Some want as much asymmetric upside exposure as possible. Others want downside protection. Some may want yield, while another group could be attracted to the long-term compounding.

Regardless of why an investor is drawn to bitcoin, the increase in demand is impossible to ignore. I continue to believe that bitcoin has become the new hurdle rate for the younger generation. These young people will ascend to positions of power and influence inside of the most important financial institutions over time. That means bitcoin will eventually become the hurdle rate for the world.

And if bitcoin is beta exposure, you won’t be able to look in any corner of the financial system without seeing bitcoin there.

The bitcoin invasion has just begun. But this multi-decade trend will be much bigger, and more important, than majority of people realize.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management


Bitcoin Is Taking Over Wall Street

Anthony Pompliano and John Pompliano discuss everything that is happening with bitcoin, why bitcoin ETFs are making more money than S&P EFTs, US dollar collapse and what that means for asset prices, why Elon Musk wants to start a new political party, and how this all affects your portfolio.

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. Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

  3. 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

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

  5. 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.

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

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

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

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

  10. 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.


Anthony Pompliano's ProCap BTC Transaction Currently Trading At One Of The Lowest Implied mNAV Premiums In The Market

2025-07-08 20:46:16

To investors,

A few weeks ago, I announced that my bitcoin treasury company, ProCap BTC LLC, entered into a definitive agreement for a $1 billion business combination with Columbus Circle Capital Corp 1 (Nasdaq: CCCM). As part of the proposed business combination, ProCap BTC LLC raised more than $750 million.

My goal with this business is to continue acquiring as much bitcoin as possible. ProCap BTC, LLC has been able to use over $500 million from its initial capital raise to purchase bitcoin so far. The company now holds 4,950 bitcoin in total.

There are a number of other bitcoin treasury companies available in the market as well. I had our team pull together a comparison of some of the companies, including capital raised, bitcoin held, and the mNAV premium, based on or derived from publicly available information and incorporating certain assumptions about the identified companies, implied mNAVs and transactions (some of which have not yet closed).

Here is the analysis:

You can see from the graphic that ProCap BTC, LLC which, will merge with Columbus Circle Capital Corp 1 ($CCCM) to create ProCap Financial, Inc., the go-forward public company after the closing, has raised the second most amount of capital to buy bitcoin from this list. To our knowledge, we are also the second ranked company on the list behind Metaplanet when it comes to capital deployed to purchase bitcoin.

While those metrics are interesting, we believe the more important metric for most investors in the market is the mNAV premium. This number can assist investors in evaluating whether a company is cheap or expensive on a relative basis to peers.

The graphic shows that based on the companies and transactions included in our analysis, ProCap BTC LLC has the lowest implied mNAV at 1.3x. This is substantially lower than any other company on the list, making ProCap BTC LLC’s valuation the cheapest in the ranking based on the implied mNAV metric.

If that wasn’t good enough, a key aspect of ProCap BTC LLC’s deal is that investors in Columbus Circle Capital Corp 1 stock who buy and hold shares as of the record date for the CCCM special meeting to consider and approve the business combination will have the right to redeem their public shares for the pro rata value of the trust. The pro rata value of the trust is anticipated to be approximately $10.00 per share as of the closing of the CCCM initial public offering in May. It is also anticipated that the pro rata value of the trust could be higher on a per share basis at the closing of the transaction by following certain redemption procedures that will be outlined in a proxy statement to be filed with the SEC in connection with the transaction.

This means CCCM stock holders have approximately $0.55 per share of downside (based on the approximately $10.00 per share redemption price as of the closing of the CCCM initial public offering in May). But if CCCM’s mNAV were to expand to match the next cheapest stock, Cantor Equity Partners at 2.2x, then the stock would be trading at approximately $17.82 per share.

As our lawyers like to point out, there is no promise that ProCap BTC LLC and/or Columbus Circle Capital Corp 1 will see any mNAV expansion or that the deal or post-closing company will be successful. There is always risk associated with investing in companies, regardless of whether they are public or private. But it personally feels good to be involved in a deal that is presenting the cheapest mNAV entry price for public market investors.

There is a lot of hard work ahead to build a successful company. I am excited to tackle the challenge. Hope you all have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management


Analyst Marko Papic Breaks Down Bitcoin, Gold, and Stocks Through Geopolitical and Macro Lens

Marko Papic is the Chief Strategist at BCA Research.

In this conversation we talk about what is happening in the market, why he is bullish, what is happening with the dollar, tariffs, bitcoin, gold, global conflict, and how all these different events impact your portfolio.

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. Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

  3. 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

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

  5. 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.

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

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

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

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

  10. 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.


Additional Information and Where to Find It
ProCap Financial, Inc., a Delaware corporation (“ProCap Financial”) and Columbus Circle Capital Corp I, a Cayman Islands exempt company (“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 (i) a proposed business combination, to be effected subject to and in accordance with the terms of certain business combination agreement dated as of June 23, 2025 (as may be modified, amended or supplemented from time to time, the “Business Combination Agreement”), by and among ProCap Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company, ProCap BTC, LLC, a Delaware limited liability company (“ProCap BTC”), and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation (collectively with all of the related actions and transactions contemplated by such agreement, the “Business Combination”), (ii) a private placement of non-voting preferred units (“ProCap BTC Preferred Units”) of ProCap BTC to certain “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)(such investors, “qualifying institutional investors”)(the “Preferred Equity Investment”) pursuant to preferred equity subscription agreements, and (iii) commitments by qualifying institutional investors to purchase convertible notes (“Convertible Notes”) issuable in connection with the Closing by ProCap Financial (the “Convertible Note Offering” and, together with the Preferred Equity Investment and the Business Combination, the “Proposed Transactions”) pursuant to convertible notes subscription agreements. 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 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. 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 COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
The offer and sale of the Convertible Notes to be issued by ProCap Financial pursuant to the Convertible Note Offering and the offer and sale of the ProCap BTC Preferred Units in the Preferred Equity Investment, 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.
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 (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 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, ProCap BTC 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 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 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, par value $0.0001 per share, of ProCap Financial (“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 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.

Is The US Dollar Comeback Upon Us?

2025-07-07 23:58:18

To investors,

America was built on the idea of risk-taking. Whether it was citizens pushing west in search of freedom on the frontier or modern self-directed investors allocating capital in financial markets, the United States has always been unique compared to the rest of the world when it comes to our risk appetite.

You can clearly see this in recent public equity data. Goldman Sachs shows US investors have nearly 4x higher exposure to stocks as a share of household assets. Other countries like Japan, UK, and China are very far behind.

That risk-taking from US investors has been a great decision in hindsight. US equities are destroying other geographies. Charlie Bilello showsover the last 17 years, US stocks have gained 592% vs. 140% for International stocks and 93% for Emerging Markets.”

That type of outperformance is pure dominance. And there will always be people scared of investing at new all-time high prices, yet the data suggests that may be one of the best times to invest when you look out over 6 moths, 1 year, 2 years, 3 years, and 5 years.

But now there is a new fear that has everyone spooked — the decline of the US dollar. We have discussed in recent weeks how the US dollar is down more than 10% to start the year, which is the worst first half of a year in decades.

And Barchart points out it is “now or never” for the dollar index. The metric is now hitting the lower end of a rising band the currency has traded in for the last 15 years.

Maybe this isn’t as bearish as everyone wants you to believe though? One macro strategist on X, known as End Game Macro, has a non-consensus view on the current moment in time. They write:

“This chart may appear to signal a breakdown in the dollar, but in reality, it may be the staging ground for one of the most violent reversals in recent history. DXY is testing the lower bound of a multi-decade ascending channel, a level that has repeatedly marked inflection points since 2008. Every time we’ve touched this range, the dollar has launched higher. Yet what makes this moment unique is the timing: the Fed is on the cusp of rate cuts. While conventional wisdom sees easing as dollar negative, the structure of global finance often flips that logic. When the Fed cuts into a disinflationary or risk off backdrop, capital floods into the deepest collateral pools and that still means U.S. dollars and Treasuries. The rate cut becomes the trigger for a flight to dollar safety, not a flight from it.

That’s where the geopolitical trap springs shut. Powell’s refusal to cut thus far, despite softening labor markets and collapsing consumer sentiment may not be driven solely by domestic macro data. It could be a strategic delay, engineered to lure BRICS and non-aligned nations deeper into dedollarization efforts just as liquidity begins to fracture. These countries have repositioned in local currencies, gold, and bilateral trade pacts. But they’ve also left themselves highly exposed to a dollar squeeze, especially if USD liabilities remain in their corporate or sovereign debt structures. Once the Fed cuts, the ensuing surge in dollar demand (for collateral, safety, and relative yield) could catch them completely offsides, forcing them to scramble back into the very system they tried to exit.

This wouldn’t be the first time such a trap has been sprung. The dollar surged after 2019’s Fed cuts. It exploded higher during the March 2020 crisis. And in the 1997–98 Asian Financial Crisis, nations that tried to assert monetary independence were crushed by sudden dollar strength. History shows us that when global actors overestimate their insulation from dollar liquidity cycles, they suffer. Powell holding the line on rate cuts may be less about the domestic economy and more about setting the stage for a strategic snapback, one that reasserts dollar dominance precisely when the rest of the world thinks it’s fading.”

That is a fascinating way to look at the current situation. It definitely is non-consensus. The important question is whether this view is correct or not? No one knows for sure. But it doesn’t seem crazy to be optimistic or bullish right when it seems everyone else is fearful.

So stock allocations are exploding higher for American households. The stock market continues to push higher and higher as it outperforms other regions. And the US dollar, which everyone thinks will continue weakening forever, may be ready to reverse course and remind the world why dollars are the global reserve currency.

Time will tell what happens. Just make sure you keep your mind flexible. Don’t become dogmatic about any scenario or outcome. The world is more dynamic than ever before. You will need your critical thinking skills as we continue accelerating faster and faster into the future.

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management


Analyst Marko Papic Breaks Down Bitcoin, Gold, and Stocks Through Geopolitical and Macro Lens

Marko Papic is the Chief Strategist at BCA Research.

In this conversation we talk about what is happening in the market, why he is bullish, what is happening with the dollar, tariffs, bitcoin, gold, global conflict, and how all these different events impact your portfolio.

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. Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

  3. 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

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

  5. 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.

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

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

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

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

  10. 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.


The US Dollar Is Being Destroyed And Here Is What You Can Do About It

2025-07-02 21:37:05

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To investors,

It is easy to get lost in the weeds of the day-to-day developments in finance. You have to keep track of individual stocks, different economic reports, geopolitical news, interest rate decisions, and much more. Information comes at you fast and furious.

If you are not careful, you will get sucked into the daily gyrations of markets and miss the most important things sitting right in front of your face. I recently forced myself to go through an exercise that created immense clarity for me.

I asked myself “if you could only pick one data point or trend that matters for the next decade, what would it be and what should you do in your portfolio to benefit?”

This thought exercise had many potential answers — artificial intelligence is obviously going to be big, humanoid robots will probably be more abundant than humans globally, and the innovations happening across space, biotech, drones, or self-driving cars can’t be ignored either.

But none of these themes struck me as the single most important thing.

The only answer I kept coming back to was “they are never, ever going to stop debasing the US dollar.” It is really that simple. The national debt is exploding higher and the United States will have to systematically debase the currency, which means all assets priced in dollars are going much higher.

And we are already seeing the effects of this mess.

Adam Kobeissi highlights “This has been one of the worst years in history for the US Dollar: The US Dollar index fell -10.8% in the first half of 2025, its worst first-half performance since the end of the gold-backed Bretton Woods System in 1973.

This also marks the weakest performance for any six-month period since 2009. Furthermore, the Bloomberg Dollar Spot Index has posted its 6th consecutive monthly decline, matching its longest losing streak in 8 years.”

And as if that was not bad enough, Adam goes on to showthe US M2 money supply jumped +4.5% year-over-year in May, to a record $21.94 trillion. This marks the 19th consecutive monthly increase. It has now surpassed the previous all-time high of $21.86 trillion, posted in March 2022. Furthermore, inflation-adjusted M2 money supply rose 2.1% year-over-year last month, the largest increase since early 2022. Since 2020, the US M2 money supply has risen nearly $7 trillion, or ~45%. The US Dollar's purchasing power is in an eternal bear market.”

Take a look at this visual from Barchart:

You don’t have to be Albert Einstein to see the long-term trend. Just open your eyes. So the question becomes — what the heck do you do if the government is going to destroy the purchasing power of the US dollar?

Simple, you buy as much bitcoin as you possibly can.

Why would you do that? Based on research from Sam Callahan and Lyn Alden, Bitcoin has become the global liquidity barometer. Their report points out “Bitcoin moves in the direction of global liquidity 83% of the time in any given 12-month period, which is higher than any other major asset class, making it a strong barometer of liquidity conditions.”

So stop getting caught up in the day-to-day noise of financial markets. Zoom out for a second. Ask yourself: what is the single most important trend for the next decade and what should I do about it?

For me, it is clearly the US dollar debasement that is going to continue happening. And bitcoin is the solution to the undisciplined monetary and fiscal policy.

It may sound crazy, but the bitcoiners are right. And they have meme’d the solution into a $2 trillion asset that Wall Street is now clamoring to get their hands on. What an incredible world we live in.

Hope you all have a great day. I’ll talk to everyone after the July 4th holiday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management


The King of Crypto: CZ’s Rapid Rise

CZ is the founder of Binance, and is one of the most successful entrepreneurs of our lifetime.

In this conversation we talk about when he first bought bitcoin in 2013, his childhood with no electricity or running water, career before finding bitcoin, starting Binance, managing bear and bull cycles, regulation, his time in prison, and what the future may hold for CZ and the crypto market.

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. Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

  3. 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

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

  5. 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.

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

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

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

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

  10. 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.


The Bitcoin Messenger Matters

2025-07-01 21:07:37

To investors,

Ric Edelman is a legend. He was named the #1 financial advisor in the United States and Barron’s put him in the Financial Advisor Hall of Fame. Yes, that is a real thing. And Ric Edelman is sitting comfortably in the Hall of Fame.

So a lot of people were shocked to see Ric Edelman’s recent suggestion that investors should put 10% - 40% of their portfolio into crypto assets. These numbers dwarf any recommendation from financial advisors. Everyone is used to hearing 1-3% allocation recommendations. But to hear 10% - 40% is incredible.

Here are the five major arguments Ric made in a white paper he published:

  • The traditional 60/40 stock-bond allocation model is dead. This is due to unprecedented rates of longevity brought about by remarkable advances in exponential technologies.

  • After 39 years in the financial services field, I’m announcing for the first time the correct crypto allocation: Conservative investors should now have a 10% crypto allocation. Moderate clients should place 25% of their portfolios in crypto, and aggressive clients should allocate 40% of their investments to crypto.

  • Owning crypto is no longer a speculative position; failing to do so is. A passive market-weighted index comprised of all asset classes would have 3% in crypto, so an investor who lacks crypto is now effectively shorting it.

  • There’s no logic to omitting an asset class that’s outperformed all others for 15 consecutive years and is widely projected to continue doing so for the next decade or more. Historic performance data show that portfolios with bitcoin have generated higher returns with lower risks and produced superior Modern Portfolio Theory metrics — Sharpe and Sortino ratios, standard deviation and max drawdown — compared to portfolios that lacked bitcoin.

  • The real question: Are you a fiduciary serving your clients’ best interests, or are you simply an order taker avoiding difficult conversations?

Now here is the thing — Ric Edelman is not saying anything different than what Bitcoiners have been saying for years. The 60/40 portfolio is dead. Having a concentrated investment in bitcoin will outperform over the long run. Ignoring bitcoin’s success is dumb. All of these points have been widely used talking points for awhile.

But Ric Edelman is a different messenger. Just like Larry Fink was able to shake Wall Street to its core by launching the Bitcoin ETF, Ric Edelman will likely shake the wealth management industry to wake up to bitcoin and crypto assets.

Sometimes the messenger is more important than the message. And there is no better messenger than Edelman to give cover fire to the RIA community on bitcoin. These RIAs have more than $144 TRILLION in assets under their purview. That is a heck of a lot of money.

Now the RIAs can invest their client portfolios into bitcoin and not be worried they will be fired. There is nothing to be scared of anymore. That is a big, big deal. We should all say “thank you” to Ric Edelman.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management


Why Bitcoin & Stocks Are At All-Time Highs with Jordi Visser

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 discuss AI acceleration, why stocks, gold, bitcoin are hitting all-time highs, market outlook for second half of the year, how Salesforce is using AI, the government pressure on the fed to lower interest rates, the current financial mindset of the the younger generation, and more.

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. Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

  3. 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

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

  5. 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.

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

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

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

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

  10. 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.