Pompliano’s ProCap SPAC Rises 7% on Nasdaq Debut After $220M IPO Upsize

ProCap Acquisition Corp, a special purpose acquisition company (SPAC) led by crypto investor and entrepreneur Anthony Pompliano, made a strong market debut Wednesday, with shares closing 7% higher on the Nasdaq following its upsized $220 million initial public offering.

The SPAC, trading under the ticker PCAPU, initially aimed to raise $200 million but increased its offering to 22 million shares at $10 each due to investor demand. The shares ended their first day at $10.70 and saw an additional 1.6% uptick in after-hours trading, according to market data.

ProCap’s strategic focus, outlined in a recent prospectus, includes potential mergers or acquisitions in financial services, asset management, healthcare, and digital assets—areas that align closely with the backgrounds of its leadership team.

Anthony Pompliano, known for his prominent role in the crypto space and a strong media presence with over 1.7 million followers on X (formerly Twitter), serves as CEO and board director. Speaking to CNBC on launch day, Pompliano noted that while the ambition to take a company public had been long-standing, favorable market conditions only began to materialize about six months ago.

He cited a shift in the U.S. regulatory landscape as a key factor behind renewed investor interest in the SPAC model. “There’s been a significant change in sentiment,” Pompliano said. “Regulatory clarity is improving, and that’s creating new momentum in the capital markets.”

SPACs, often referred to as "blank-check companies," raise capital through IPOs with the intent of acquiring or merging with an existing business, offering a faster alternative to traditional public listings. While the SPAC market saw a cooling period after a flurry of activity in 2020–2021, ProCap’s performance suggests appetite remains for targeted, well-positioned offerings.