Anthony Pompliano’s fintech-focused SPAC, ProCap Acquisition Corp, experienced a 7% increase on its Nasdaq debut after increasing its IPO to $220 million a day before listing. The IPO was boosted from $200 million to $220 million on May 20, with 22 million shares priced at $10 each. On May 21, ProCap shares closed up 7% at $10.70, with a further 1.6% increase after-hours to $10.87, according to Yahoo Finance data.

Underwriters have been granted a 45-day option to purchase up to 3.3 million additional shares at the IPO price to meet extra demand. According to an April 30 regulatory filing, ProCap intends to operate as a Special Purpose Acquisition Company (SPAC), focusing on investments in financial services, digital assets, asset management, or healthcare sectors, with the potential to take companies public.

Pompliano, a prominent figure in the crypto industry, hosts a Bitcoin and finance-focused podcast and leads investment firm Professional Capital Management. He mentioned to CNBC on May 21 that he had been eager to take a company public for the past five years but only recently saw sufficient demand in the private market, citing recent changes in the U.S. regulatory environment affecting financial markets.

Pompliano hinted that his blank-check firm would invest in both crypto-native and traditional finance businesses, anticipating a convergence of these sectors in the coming years. He stated, "The reason why I use the term financial services is basically the new digital world and the old incumbent world are all merging."

Addressing concerns about SPACs, Pompliano acknowledged their historical issues, including sponsor conflicts, dilution, speculative valuations, and regulatory scrutiny. He explained that ProCap differs by avoiding the common mistake of treating SPACs as public venture capital, which often leads to targeting high-growth companies with substantial losses and high valuations. Pompliano emphasized his personal investment of “millions of dollars,” highlighting his significant stake and reputation at risk.

Brent Saunders, CEO of health products firm Bausch + Lomb, has joined as a strategic advisor, bringing experience from over $300 billion worth of mergers and acquisitions over the past 17 years.