The Pomp Letter

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

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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 shows “over 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

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor!

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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 show “the 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

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

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

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

It is hard to quantify the range of emotions felt in financial markets over the last few months. Thankfully, we have data that measures just how historic the market recovery has been. We have literally never seen such a strong rebound in the S&P 500 at any point in history.

Down 14% in the quarter. Now back to a positive 9% gain in the same time period. Volatility is an understatement.

Creative Planning’s Charlie Bilello shows if you zoom out further to the start of the year, you can see that “the S&P 500 has rallied 28% off of the April lows to hit its first all-time high since February 19.”

Ryan Detrick, the Chief Market Strategist at the Carson Group, highlights the new all-time high in the stock market comes with an interesting historical data point — “Stocks have never peaked in June.”

And if you are not convinced with historical data, you may be more interested to see the S&P is following the growth of M2 money supply.

David Marlin says “It’s all about liquidity. The SPX has been moving in sync with Global M2 on an 11 week lag. It’s signaling 6800+ for the SPX.”

So no matter how you look at it, the stock market has momentum. Money printing is driving stocks higher and higher. So this begs the question “which stocks will be the big winners?” Investment firm Coatue recently published their annual presentation on the state of markets and there are three slides worth paying attention to.

First, the firm points out the Mag 7’s reign may be ending. There is no guarantee, but the market is starting to see lower returns from these businesses.

If the Mag 7 is creating lower returns, then who is going to drive the returns of the future? Well, artificial intelligence is an obvious answer. Coatue says they believe a new class of AI winners will take center stage, including AI power companies, AI software, and AI semis.

And the investment firm believes we are in an AI super-cycle.

The super-cycle thesis would bring significant gains to the stock market through a different set of companies than what we have enjoyed over the last 5-10 years. That type of competition for investment dollars ultimately makes companies better, along with increasing the opportunity for returns for investors.

Stocks may have experienced a historic rebound in Q2. Just don’t mistake that rebound for the end of the momentum. These higher prices are likely to create even higher highs. And the pessimists will still be crying while it all happens.

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

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

The best investors in the world have been thinking about volatility for decades. Charlie Munger once said “Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.” Peter Lynch said “The key to making money in stocks is not to get scared out of them.” And Peter Drucker said “The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.”

Even Sun Tzu got in the game when he said “In the midst of chaos, there is also opportunity.”

It is volatility that ultimately separates investors into two buckets — those who seek volatility and those who try to hide from it. There is no greater filter to understand how someone invests, what their goals are, and ultimately what their portfolio looks like.

Bitcoin has been the epitome of volatility since inception in 2009. The digital currency has appreciated by approximately 1,000,000% over the last decade and a half. The compound annual growth rate is nearly 100% in the same time period. Doubling your money annually for 15 years is insane. But those returns were littered with multiple drops in price of at least 80%. Bitcoin has not been for the faint of heart.

But here is the thing — bitcoin’s volatility has been drastically reduced in the last year. Bloomberg’s Eric Balchunas shows “the ratio of IBIT's 60-Day volatility to SPX. It was 5.7x more volatile a year ago, now it's barely over 1 (meaning about same volatility as US stocks).”

The hardcore bitcoiners don’t like this. They want the volatility. Many of them would rather massive moves up followed by drastic moves down. The chaos is a feature, not a bug, in their mind. But Balchunas poses an interesting question:

“Here is a thought experiment for the Moon Bois: would you rather have God candles (both directions) to get the occasional adrenaline hit OR…a slow climb with decreasing volatility that attracts big fish money and gives bitcoin a fighting chance to be used as a mainstream currency one day?”

This question is worth thinking about, because we are watching the transformation of bitcoin. The asset is evolving from contrarian to consensus right before our eyes. It is the only asset I know of that becomes less risky as it grows in market cap. The largest pools of capital can now allocate to bitcoin, both because it has reached critical mass and the volatility has subsided to a level that doesn’t scare investors looking to protect their assets.

Remember, there are two types of investors — those who seek volatility and those who hide from it. Bitcoin has crossed into a middle ground that is attractive to both groups in a weird way. Just like Goldilocks, bitcoin is not too volatile, not too static, but it is just right. And that means we will see bitcoin continue to push higher and it sucks more capital into the digital blackhole it has created via the newest store of value on the block.

As much fun as the volatility of the past has been, bitcoin is growing up. The adults of finance are knocking on the door because the asset has achieved certain properties that fit their criteria. And the bitcoin holders who showed up for the volatility will just have to live with slightly lower returns moving forward. But before you start crying, remember that bitcoin’s lower volatility still outperforms the archaic assets of traditional Wall Street.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Geopolitics Are Making Bitcoin Stronger

Polina Pompliano and Anthony Pompliano discuss what is going on with bitcoin, bitcoin treasury companies, impact of geopolitical conflicts, stock market, and a little behind the scenes of announcing a bitcoin treasury company.

Enjoy!

Podcast Sponsors

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

Now that the recession has been cancelled, all eyes are on what will happen to asset prices through the end of the year. I previously predicted in April, at the depths of the fear-mongering, we would see new all-time highs across assets by the end of 2025.

We have seen bitcoin, gold, and the Nasdaq 100 each reclaim a new high since then. Next it will be the S&P 500’s turn.

Four different assets. All the same outcome. And the good news doesn’t stop there.

Carson Group’s Ryan Detrick highlights “July is the best month of the year in a post-election year and the past 20 years. It is the 2nd best the past decade.”

Not a bad thing to look forward to, right? Ryan goes on to point out there is a good chance stocks could actually post a double-digit return for 2025, which would surprise many of the doomsday predictors from earlier in the year.

Remember…study reflexivity. The faster something falls, the faster it can recover. We are living through volatile times. The speed of information, and therefore emotional reactions, has never been possible before now. Up, down. Up, down. And over a long enough timeline every asset is going up and to the right if it is priced in dollars.

Just take a look at the US dollar index for another data point. It has lost more than 10% in the first half of this year. Barchart points out this is the worst start to a year in four decades.

Nowhere is this more obvious than bitcoin. The 80 vol asset has appreciated hundreds of percent and then violently ripped down 80% or more multiple times. That volatility scares some people away, but it is the solution to another group of investors’ problems.

As many in the bitcoin world have pointed out, volatility is vitality. Take a look at the bitcoin price overlaid with the M2 money supply.

If bitcoin continues to follow money supply growth, we could see $150,000 per coin before year end. That would be volatility that would make bitcoiners very happy. But no coiners have no one to blame but their government.

Bitcoin will keep going up until the government stops printing money. If you want to bet on the national debt U-turning, be my guest. I am convinced that will never happen in our lifetime now. So you have to position yourself to benefit, rather than be punished, by the corresponding dollar debasement.

Stocks, gold, and bitcoin are all going higher. We will blow through new all-time highs. And pessimists will once again have sounded smart, but they will struggle to make money.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Geopolitics Are Making Bitcoin Stronger

Polina Pompliano and Anthony Pompliano discuss what is going on with bitcoin, bitcoin treasury companies, impact of geopolitical conflicts, stock market, and a little behind the scenes of announcing a bitcoin treasury company.

Enjoy!

Podcast Sponsors

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Today Brought To You By A Golden Visa for the Bitcoin-Forward Investor!

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To investors,

Self-described socialist Zohran Mamdani beat out political royalty Andrew Cuomo in the Democrat primary for NYC mayor last night. I usually don’t care about politics, but there is a fascinating story about capitalism, financial markets, and wealth being told here.

Zach Ware writes “the Mamdani win is a Rob Henderson Luxury Beliefs blog post turned into real life. A bunch of rich people made themselves feel charitable by voting to give a bunch of poor people things that sound nice. And the (smarter) poor people voted against it because they know it’s bullsh*t.”

Think about how crazy this situation is. A man who prides himself on being a socialist has a real shot at becoming the mayor of the heart of the global financial system. Irony doesn’t even start to describe the situation.

Just insane.

Capitalism is under attack by TikTokified brains that have no clue how the world actually works. If you don’t believe me, look at this data:

My friend Marty Bent put it perfectly when he wrote the following:

“I'm sure most of you are well aware of the Democratic Primary results of the New York City Mayoral election. Zohran Mamdani - an overt Socialist who ran on a campaign promising rent control and city-run grocery stores with price ceilings and, called for the defunding of the NYPD during the 2020 BLM riots - won the primary in a landslide. In large part due to NYC's asinine ranked voting system. His campaign and primary victory are a symptom of the intellectual rot that has taken over in the United States. Nothing makes this clearer than the data shared by Geiger Capital in the screenshot above.

Working class people with no college degree who have a better understanding of the value of hard work and what it means to live a life of integrity and dignity favored the less radical incumbent democrat and former Governor, Andrew Cuomo, while the college educated leaned heavily towards Mamdani. I feel very confident in saying this is an outgrowth of decades of university-level Marxist indoctrination via the universities that has been coupled with a never ending onslaught of mainstream propaganda that has convinced educated liberals (especially the white ones and, more specifically, the white women) that they should feel great shame, revolt against the principles of capitalism and degrade their lives by supporting socialist policies as a form of implicit reparations.

The damage that has been done to the minds of this demographic is incalculable and if the indoctrination and propaganda ultimately proves to be successful via the adoption of socialist policies in the United States, we will lose what was once a great nation.”

There are plenty of reasons to critique capitalism. It doesn’t get it right 100% of the time for every person. In fact, the promise of capitalism is equal opportunity, rather than equal outcome. That is the whole point of economic incentives and financial reward for those who take risks and are right.

People may not like that fact, but it doesn’t make it untrue.

So you have a choice to make now. You can bet your financial future on the rest of the country becoming more intelligent and rejecting socialist policies, or you can take your future into your own hands and opt out of the system with some of your capital.

Bitcoin was created to be a sovereign, decentralized asset that allowed anyone to benefit from the principles of sound money. It doesn’t matter who is the President, the governor, or the mayor. Regardless of how stupid the economic policies of our leadership is, bitcoin keeps winning. In a weird way, the crazier the economic policies of leaders, the more bitcoin will be a benefit to people.

If you lived in a violent neighborhood, you would move out or you would ensure you had the ability to protect yourself and your family. If you live in a time where the capitalist system is under threat, you must figure out how to protect your hard earned economic value.

I know how I want to do that for my family. Hopefully some of you have a plan as well.

Have a great day. I’ll talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

How Geopolitics Are Making Bitcoin Stronger

Polina Pompliano and Anthony Pompliano discuss what is going on with bitcoin, bitcoin treasury companies, impact of geopolitical conflicts, stock market, and a little behind the scenes of announcing a bitcoin treasury company.

Enjoy!

Podcast Sponsors

* 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.

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

* 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

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

* 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.

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

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

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

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

* 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.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

I have watched the public company bitcoin treasury landscape develop over the last year and it became obvious to me there were ways to potentially improve on the model. Rather than sit around as a Monday morning quarterback, I decided to jump into the arena and build the solution that I envisioned.

Today I am announcing a $1 billion merger to create ProCap Financial, a bitcoin-native financial services firm. The company will be a publicly traded entity on Nasdaq at the conclusion of the proposed business combination between my private company ProCap BTC, LLC and Columbus Circle Capital Corp I, a publicly traded SPAC.

The ticker for the publicly traded entity right now is CCCM.

As part of this business combination, I have raised more than $750 million, which is the largest initial fundraise in history for a publicly-traded bitcoin treasury company. We are fortunate to have raised this capital from some of the leading institutional investors on Wall Street, along with many of the most well-known crypto investors globally.

ProCap Financial will focus on acquiring bitcoin for its balance sheet, while also developing products and services to produce revenue and profit from the bitcoin on our balance sheet over time. This is similar to the traditional financial service firms. However, we will use bitcoin as the foundation for our world, rather than US dollars.

The tagline for ProCap Financial is simple — Bitcoin is the new hurdle rate.

This idea is true for a generation of investors who understand bitcoin and are using it as the benchmark for their portfolio. As I have said for awhile, “If you can’t beat it, you have to buy it.” And that is exactly what ProCap Financial plans to do…buy bitcoin.

I didn’t take this decision lightly since I am becoming the CEO of a publicly traded company. But I think the idea of a bitcoin-native financial services firm is important and I want to be the person to help pioneer the intersection of bitcoin and traditional finance.

Wall Street institutions are invested. Bitcoin and crypto leaders are invested. Now it is time to get to work. Let’s see what we can do with ProCap Financial once the business combination is finalized (NASDAQ: CCCM).

You can read the press release below. Talk to everyone tomorrow.

- Anthony Pompliano

Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company

* ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings

* Equity investors have immediate exposure to bitcoin based on structure of financing transactions

* Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public

New York, NY, June 23, 2025 (GLOBE NEWSWIRE) -- American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

“The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

“From day one we sought to partner with a platform and a leader that could develop a transformative organization - and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

Terms of the Proposed Business Combination and Financing Transactions

The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

Additional Information and Where to Find It

ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the 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 the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). 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. ProCap Financial and/or CCCM 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., 600 Lexington Ave., Floor 2, New York, NY 10022.

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 BUSINESS COMBINATION 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 and the preferred units of ProCap BTC sold 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 of 1933.

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. 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 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 held by ProCap BTC and ProCap Financial, 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 of ProCap Financial 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 that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; 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; 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 ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others 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.

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 final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, 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.

The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

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To investors,

Stablecoins are eating the world. It seems like every market participant is jumping head first into the game right now. Here are a few examples:

* The Senate recently passed the GENIUS Act in another step towards a federal framework for stablecoins.

* Stripe announced a deeper partnership with Shopify to help businesses in 34 countries immediately start accepting stablecoins via Shopify.

* Coinbase announced Coinbase Payments, which is a full-stack stablecoin payments product built for commerce platforms.

* Founders Fund invested in Ubyx, which is a clearing system for stablecoins built by a 20-year veteran at Citigroup.

* JPMorgan announced the launch of JPMD, the bank’s alternative to US dollar stablecoins.

* The Wall Street Journal reported that Walmart and Amazon are both exploring how to launch their own stablecoins.

This list is not exhaustive for even the last week, but it highlights just how quickly companies are embracing this new technology. Even Treasury Secretary Scott Bessent was pushing the stablecoin narrative in a recent interview when he said stablecoins could reinforce dollar supremacy. Here is the clip:

It doesn’t get more serious than the leader of the United States Treasury saying stablecoins are essential for the US dollar to continue winning on the global stage.

Castle Island’s Nic Carter recently reminded us about a speech he gave last year on stablecoins. Nic writes:

“Cryptodollarization has happened already, arguably in Venezuela, Argentina, and Nigeria. I believe it's much more aggressive than conventional dollarization, which is often limited by availability of physical banknotes. I believe that in a decade there will be many fewer sovereign currencies and most weak nations will be dollarized – not through USG intervention but by a spontaneous "bottom up" process.

In effect consumers engage in currency substitution and force the government's hand. Stablecoins eliminate the power of borders in currency choice and allow network effects to actually take hold. This is why we see the dollar representing >99% of stablecoins but only 40-60% of international reserves and financial flows. Stablecoins make currency substitution must faster and more aggressive, and they are also impossible to stop. In almost all cases where nation states have attempted to prohibit flows out of local FX into USD stablecoins, they have eventually relented.”

I completely agree with Nic. Bitcoin is going to win, but US dollars in stablecoin form are going to aggressively win as well. This means the weakest fiat currencies are going to fall at the feet of bitcoin and dollars.

It is crazy to watch this play out. Technologists built better payment rails for all currencies, so now the legacy players are having to bend the knee to adopt dollar stablecoins. Don’t expect this trend to slow down any time soon.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Patrick McHenry on Bitcoin, Stablecoins and Regulation

Patrick McHenry is the former chairman of the House Financial Services Committee, and the Vice Chairman at Ondo Finance.

In this conversation we talk about bitcoin, ETFs, bitcoin treasury companies, legislation around stablecoins, tokenization, and how Patrick sees the world evolving.

Enjoy!

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