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CNBC

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  • Pompliano’s ProCap raises over $750 million, goes public via SPAC background of header Anthony Pompliano: Gold, crypto divergence shows investors aren't used to going Bitcoin for safety The race to create publicly traded bitcoin treasuries is accelerating — and so is the capital pouring in. ProCap Financial, the latest entrant, has raised more than $750 million and is going public through a special acquisition company, or SPAC, with Columbus Circle Capital Corp. I, according to an announcement Monday. Led by investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue through a full-stack, bitcoin-denominated financial services platform. The rush into bitcoin treasuries — inflated by cheap capital, yield promises, and brand name endorsements — is starting to resemble a bubble. "There's an old George Soros quote that goes, 'When I see a bubble forming, I rush in to buy, adding fuel to the fire,'" Pompliano said. "There's a reason the bubble forms — because the trend works." ProCap joins a growing cohort of bitcoin-heavy ventures using reverse mergers and blank-check vehicles to tap into public markets. From Trump Media's $2.5 billion bitcoin treasury plan to Jack Mallers' Twenty-One and the Nakamoto fund, a growing number of firms are racing to offer stock market exposure to bitcoin. Some, like Tron founder Justin Sun, are using reverse mergers to take crypto businesses public — in Sun's case, folding his blockchain platform into a Nasdaq-listed toy manufacturer. Others, like Mallers, are launching purpose-built bitcoin holding firms backed by heavyweight investors including Tether and SoftBank. While Trump Media isn't a crypto-native firm, it has embraced the playbook of raising money to buy bitcoin and promoting the asset through affiliated ventures. All are following a path blazed by Strategy's Michael Saylor: Turning public companies into bitcoin proxies. But ProCap says it's pushing beyond that model, aiming not just to hold bitcoin but to build a financial services platform on top of it. "Most other firms raised capital that's just sitting in cash while they wait for deals to close," Pompliano told CNBC. "We're buying bitcoin immediately." He added that ProCap's equity investors are getting direct exposure from day one. Anthony Pompliano: Circle 'may be more of a stablecoin story than it is a crypto story' The structure gives ProCap a rare first-mover edge in a space where many deals are still weeks or months from closing, with some yet to even file their S-4s — the regulatory documents required to complete a merger. It also sets the stage for a new phase of the bitcoin proxy trade: not just holding bitcoin, but generating yield from it. "We want to build the leading bitcoin-native financial services company," Pompliano said. "Like a traditional Wall Street firm, but on top of a bitcoin balance sheet instead of dollars." ProCap plans to offer services like lending, trading, and capital markets — all denominated in bitcoin. The goal is to recreate the architecture of a Goldman Sachs or Cantor Fitzgerald, rebuilt from the ground up in crypto. "The goal is to look and feel like a traditional financial institution," he added. "That resonates very differently with capital allocators." ProCap's pitch to investors is that it's not just chasing momentum. It's building the infrastructure for what Pompliano calls a new financial system — one that runs on bitcoin, but looks and feels familiar to the institutions still sitting on the sidelines. "Many companies don't care about the cost of capital. We do," he added. "We're traditional capital allocators — we care about building a sustainable business that generates cash flow."
  • Pompliano’s ProCap raises over $750 million, goes public via SPAC background of header Anthony Pompliano: Gold, crypto divergence shows investors aren't used to going Bitcoin for safety The race to create publicly traded bitcoin treasuries is accelerating — and so is the capital pouring in. ProCap Financial, the latest entrant, has raised more than $750 million and is going public through a special acquisition company, or SPAC, with Columbus Circle Capital Corp. I, according to an announcement Monday. Led by investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue through a full-stack, bitcoin-denominated financial services platform. The rush into bitcoin treasuries — inflated by cheap capital, yield promises, and brand name endorsements — is starting to resemble a bubble. "There's an old George Soros quote that goes, 'When I see a bubble forming, I rush in to buy, adding fuel to the fire,'" Pompliano said. "There's a reason the bubble forms — because the trend works." ProCap joins a growing cohort of bitcoin-heavy ventures using reverse mergers and blank-check vehicles to tap into public markets. From Trump Media's $2.5 billion bitcoin treasury plan to Jack Mallers' Twenty-One and the Nakamoto fund, a growing number of firms are racing to offer stock market exposure to bitcoin. Some, like Tron founder Justin Sun, are using reverse mergers to take crypto businesses public — in Sun's case, folding his blockchain platform into a Nasdaq-listed toy manufacturer. Others, like Mallers, are launching purpose-built bitcoin holding firms backed by heavyweight investors including Tether and SoftBank. While Trump Media isn't a crypto-native firm, it has embraced the playbook of raising money to buy bitcoin and promoting the asset through affiliated ventures. All are following a path blazed by Strategy's Michael Saylor: Turning public companies into bitcoin proxies. But ProCap says it's pushing beyond that model, aiming not just to hold bitcoin but to build a financial services platform on top of it. "Most other firms raised capital that's just sitting in cash while they wait for deals to close," Pompliano told CNBC. "We're buying bitcoin immediately." He added that ProCap's equity investors are getting direct exposure from day one. Anthony Pompliano: Circle 'may be more of a stablecoin story than it is a crypto story' The structure gives ProCap a rare first-mover edge in a space where many deals are still weeks or months from closing, with some yet to even file their S-4s — the regulatory documents required to complete a merger. It also sets the stage for a new phase of the bitcoin proxy trade: not just holding bitcoin, but generating yield from it. "We want to build the leading bitcoin-native financial services company," Pompliano said. "Like a traditional Wall Street firm, but on top of a bitcoin balance sheet instead of dollars." ProCap plans to offer services like lending, trading, and capital markets — all denominated in bitcoin. The goal is to recreate the architecture of a Goldman Sachs or Cantor Fitzgerald, rebuilt from the ground up in crypto. "The goal is to look and feel like a traditional financial institution," he added. "That resonates very differently with capital allocators." ProCap's pitch to investors is that it's not just chasing momentum. It's building the infrastructure for what Pompliano calls a new financial system — one that runs on bitcoin, but looks and feels familiar to the institutions still sitting on the sidelines. "Many companies don't care about the cost of capital. We do," he added. "We're traditional capital allocators — we care about building a sustainable business that generates cash flow."
  • How the Israel-Iran standoff took a turn and what's next after a pivotal 24 hours Lim Hui Jie ARLINGTON, VIRGINIA - JUNE 22: An operational timeline of a strike on Iran is displayed during a news conference with Chairman of the Joint Chiefs of Staff Air Force Gen. Dan Caine and U.S. Defense Secretary Pete Hegseth at the Pentagon on June 22, 2025 in Arlington, Virginia. U.S. President Donald Trump gave an address to the nation last night after three Iranian nuclear facilities were struck by the U.S. military. (Photo by Andrew Harnik/Getty Images) Andrew Harnik | Getty Images News | Getty Images The past 24 hours have been pivotal in the Israel-Iran conflict, with the U.S. entering the war — a move that has left investors and world leaders on edge. On Saturday night, American B-2 Spirit stealth bombers and submarines struck three of Iran's most critical nuclear sites: Fordo, Natanz, and Isfahan. The strikes represented the first direct action that the U.S. had taken against Iran since the country was hit by Israeli attacks earlier in June. Israel and Iran had been trading strikes since Israel preemptively attacked it on June 13, killing key Iranian military figures and nuclear scientists. Since then, the world has seen reactions from around the globe over the strikes, including from Iran itself, which has called the strikes "outrageous" and vowed "everlasting consequences". Iran's parliament has also voted to close the critical Strait of Hormuz, endangering energy supplies. Here's a roundup of the events since the U.S. attacks happened, and what could happen next. U.S. enters Israel-Iran war At 7.50 p.m. Eastern Time, U.S. President Donald Trump announced on Truth Social that the U.S. had conducted a "very successful attack" on the three nuclear sites, and said "NOW IS THE TIME FOR PEACE!". About an hour later, a U.S. official told Reuters that B-2 Spirits were involved in the bombings. These bombers are believed to be the only planes which have the capability to deliver the weapons powerful enough to penetrate the underground facility at Fordo. The International Atomic Energy Agency later confirmed that all three sites were hit. Following the strikes, world leaders reactions poured in, among which was Israeli Prime Minister Netanyahu who thanked Trump for the strikes, calling it a "bold decision." The IAEA released two updates after the strike, saying that Director General Rafael Grossi would call an emergency meeting of the IAEA Board of Governors to discuss the decision. The agency said it was also informed by Iranian regulatory authorities that there has been no increase in off-site radiation levels after the attacks. The UN Security Council also met on Sunday to discuss the attack, as Russia, China and Pakistan proposed that the UNSC adopt a resolution calling for an immediate and unconditional ceasefire in the Middle East. China strongly condemned the U.S. attack on Iran and on nuclear facilities supervised by the IAEA, China's U.N. Ambassador Fu Cong said at a UNSC meeting on Sunday. While U.S. officials, including U.S. Vice President JD Vance and Defense Secretary Pete Hegseth said that the attacks were not meant to enact regime change in the Islamic Republic, Trump himself raised the possibility of that happening. The U.S. president posted on Truth Social that "It's not politically correct to use the term, "Regime Change," but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" Oil rises on Hormuz closure news Oil prices jumped more than 2% on Sunday evening, and continued to rise to just under $80 per barrel for Brent crude, and just under $75 for West Texas Intermediate crude. The rise comes after Iran's parliament backed closing the critical Strait of Hormuz, where about 20% of the world's oil transits. The U.S. Energy Information Administration has described it as the "world's most important oil transit chokepoint." However, the final decision to close the Strait lies with Iran's national security council, according to the report. The Strait currently remains open, but analysts have told CNBC that oil prices could test $100 a barrel if Iran closes the Strait and Western forces try to reopen it by force. U.S. Secretary of State Marco Rubio on Sunday had also called for China to prevent Iran from closing the Strait. China is Iran's largest oil customer, accounting for the bulk of Iranian oil exports, and maintains friendly relations with the country. Bracing for Iran's response The world now waits for Iran's response, after Iranian Foreign Minister Abbas Araghchi said in a statement on X that his nation "reserves all options" in responding to the attack. "The events this morning are outrageous and will have everlasting consequences," Araghchi said. Iranian deputy foreign minister Majid Takht Ravanchi told German media that the country will continue its uranium enrichment program, and that "no one can tell us what to do", according to Reuters citing Iranian media Tasnim News. Shane Oliver, chief economist and head of investment strategy at Australian bank AMP, said in a Monday note that if Iran only undertakes "a few token moves" and "surrenders unconditionally" as Trump demands, "then oil prices will quickly settle down and shares will rally." Oliver noted that this was basically what happened when the U.S. led-coalition entered the first and second Gulf Wars. However, if Iran undertakes actions such as hitting U.S. bases in the region, the U.S. is likely to retaliate and this would keep markets on edge, he added. Vandana Hari, founder of energy intelligence firm Vanda Insights, told CNBC's "Squawk Box Asia" on Monday that the risk of closure remains "absolutely minimalistic." This is because if Iran follows through, it runs the risk of alienating its neighboring oil-producing countries and customers, including China, which accounts for the majority of Iranian oil exports, according to the U.S. Energy Information Administration. There is "so very, very little to be achieved, and a lot of self-inflicted harm that Iran could do" if it closed the Strait, Hari said.
  • Trump says US has attacked three Iranian nuclear sites The United States has attacked three Iranian nuclear sites, President Donald Trump says, joining an Israeli air campaign as Tehran promises to retaliate. The move means the US has directly joined Israel’s effort to decapitate the country's nuclear program in a risky gambit to weaken a longtime foe amid Tehran’s threat of reprisals that could spark a wider regional conflict. In a post on social media, Trump announced the apparent military strike. He wrote: "We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. "All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. "Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE!" The decision to directly involve the US comes after more than a week of strikes by Israel on Iran that have moved to systematically eradicate the country’s air defences and offensive missile capabilities, while damaging its nuclear enrichment facilities. But US and Israeli officials have said that American stealth bombers and a 30,000-pound. bunker buster bomb, they alone can carry, offered the best chance of destroying heavily fortified sites connected to the Iranian nuclear program buried deep underground. The strikes are a perilous decision for the US as Iran has pledged to retaliate if it joins the Israeli assault, and for Trump personally, having won the White House on the promise of keeping America out of costly foreign conflicts and scoffed at the value of American interventionism.
  • Trump says US has attacked three Iranian nuclear sites The United States has attacked three Iranian nuclear sites, President Donald Trump says, joining an Israeli air campaign as Tehran promises to retaliate. The move means the US has directly joined Israel’s effort to decapitate the country's nuclear program in a risky gambit to weaken a longtime foe amid Tehran’s threat of reprisals that could spark a wider regional conflict. In a post on social media, Trump announced the apparent military strike. He wrote: "We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. "All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. "Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE!" The decision to directly involve the US comes after more than a week of strikes by Israel on Iran that have moved to systematically eradicate the country’s air defences and offensive missile capabilities, while damaging its nuclear enrichment facilities. But US and Israeli officials have said that American stealth bombers and a 30,000-pound. bunker buster bomb, they alone can carry, offered the best chance of destroying heavily fortified sites connected to the Iranian nuclear program buried deep underground. The strikes are a perilous decision for the US as Iran has pledged to retaliate if it joins the Israeli assault, and for Trump personally, having won the White House on the promise of keeping America out of costly foreign conflicts and scoffed at the value of American interventionism.
  • Why ether ETF inflows have come roaring back from the dead Ether ETFs have finally come to life this year after some started to fear they may be becoming zombie funds. Collectively, the funds tracking the price of spot ether are on pace for their sixth consecutive week of inflows and eight positive week in the last nine, according to SoSoValue. The second largest cryptocurrency has become more attractive to institutions in recent weeks largely due to recent regulatory momentum in the U.S. around stablecoins – many of which run on the Ethereum network – the successful IPO of Circle, the issuer of the second-largest stablecoin; and new leadership at the Ethereum Foundation. “What we’re seeing is institutional recalibration,” said Ben Kurland, CEO at crypto charting and research platform DYOR. “After the initial ETH ETF approval fizzled without a price pop, smart money started quietly building positions. They’re betting not on price momentum but on positioning ahead of utility unlocks like staking access, options listings, and eventually inflows from retirement platforms.” The first year of ether ETFs, which launched in July 2024, has been characterized by weak demand. While the funds have had spikes in inflows, they’ve trailed far behind bitcoin ETFs in both inflows and investor attention – amassing about $3.9 billion in net inflows since listing versus bitcoin ETFs’ $36 billion in their first year of trading. “With increasing acceptance of crypto on Wall Street, especially now as a means for payments and remittances, investors are being drawn to ETH ETFs,” said Chris Rhine, head of liquid active strategies at Galaxy Digital. Additionally, he added, the CME basis on ether – or the price difference between ether futures and the spot price – is higher than that of bitcoin, giving arbitrageurs an opportunity to profit by going long on ether ETFs while shorting futures (a common trading strategy) and contributing to the uptrend in ether ETF inflows. Ether/USD Coin Metrics ETH.CM=:Exchange Ether (ETH) 1 month Despite the uptrend in inflows, the price of ether itself is negative for this month and flat over the past month. For the year, it’s down 25% as it’s been suffering from an identity crisis fueled by uncertainty about Ethereum’s value proposition, weaker revenue since its last big technical upgrade and increasing competition from Solana. Market volatility driven by geopolitical uncertainty this year has not helped. In March, Standard Chartered slashed its ether price target by more than half. However, the firm also said the coin could still see a turnaround this year. Since last week’s big spike in inflows, they’ve “slowed but stayed net positive, suggesting conviction, not hype,” Kurland said. “The market looks like a heart monitor, but the buyers are treating it like a long-term infrastructure bet.”
  • DOJ seizes record $225 million in crypto tied to global 'pig butchering' scams Pig butchering scams surge 40% as crypto sanctions evasion hits $15.8 billion The Justice Department announced Wednesday the largest-ever U.S. seizure of cryptocurrency linked to so-called "pig butchering" scams that have cost victims billions globally. Federal prosecutors filed a civil forfeiture action targeting more than $225 million in cryptocurrency traced to a sprawling web of fraudulent investment platforms. Victims were tricked into believing they were investing in legitimate crypto ventures, only to be scammed by criminal networks often operating overseas. "This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history," said Shawn Bradstreet, special agent in charge of the U.S. Secret Service's San Francisco Field Office, in a statement. Authorities said the network was connected to at least 400 suspected victims worldwide, including dozens in the U.S. Crypto fraud was responsible for more than $5.8 billion in reported losses last year, according to FBI data. The seized funds are now subject to forfeiture proceedings aimed at eventually returning money to victims. The U.S. Secret Service and FBI used blockchain analysis and other tools to trace the cryptocurrency back to stolen assets. The DOJ credited Tether, the world's largest stablecoin issuer, for assisting in the operation. According to the complaint, the funds were linked to the theft and laundering of money from victims of cryptocurrency investment fraud schemes, commonly known as confidence scams that often involve romance. The network relied on hundreds of thousands of transactions to obscure the origin of the funds, using sophisticated blockchain maneuvers to conceal the flow of stolen assets.
  • SK Hynix shares extend gains to over 2-decade highs as parent group reportedly plans AI data center Shares in South Korea's SK Hynix extended gains to hit a more than 2-decade high on Tuesday, following reports over the weekend that SK Group plans to build the country's largest AI data center. SK Hynix shares, which have surged almost 50% so far this year on the back of an AI boom, were up nearly 3%, following gains on Monday. The company's parent, SK Group, plans to build the AI data center in partnership with Amazon Web Services in Ulsan, according to domestic media. SK Telecom and SK Broadband are reportedly leading the initiative, with support from other affiliates, including SK Hynix. SK Hynix is a leading supplier of dynamic random access memory or DRAM — a type of semiconductor memory found in PCs, workstations and servers that is used to store data and program code. The company's DRAM rival, Samsung, was also trading up 4% on Tuesday. However, it's growth has fallen behind that of SK Hynix. On Friday, Samsung Electronics' market cap reportedly slid to a 9-year low of 345.1 trillion won ($252 billion) as the chipmaker struggles to capitalize on AI-led demand. SK Hynix, on the other hand, has become a leader in high bandwidth memory — a type of DRAM used in artificial intelligence servers — supplying to clients such as AI behemoth Nvidia.
  • The CEOs of two major energy companies, Baker Hughes and Woodside, are monitoring the developments between Iran and Israel — but they aren’t about to make firm predictions on oil prices.

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