Special purpose acquisition company (SPAC) Columbus Circle Capital (BRR) and ProCap BTC merged to create ProCap Financial, raising over $750 million for a bitcoin treasury firm. BRR will now trade on Nasdaq under the BRR symbol.

Bitcoin treasury companies (BTCTCs) have seen a significant drop in performance this year, with most down 90% or more post-SPAC merger. Companies like KindlyMD (NAKA) and Strive (ASST) now trade for less than $1.

BRR shares had been trading near their offering price of $10 until the merger completion was confirmed, causing a 50% drop to close at $4.36. Concerns have been raised about management and board compensation in BTCTCs.

Anthony Pompliano, leading the ProCap BTC merger, announced he will only earn $1 per year with no guaranteed bonus. Equity compensation will only kick in once the stock hits $15 per share, aligning with shareholder interests.

Pompliano emphasized the importance of aligning CEO and board compensation with shareholder success. He aims to set a standard of true shareholder alignment in the company.

Read more at Yahoo Finance: Anthony Pompliano’s Bitcoin Treasury Firm ProCap BTC Closes SPAC Merger Deal