ProCap Anthony Pompliano recently shared an update on its progress and valuation metrics. ProCap has signed a $1 billion business combination agreement with Columbus Circle Capital Corp 1 (CCCM). As part of the deal, ProCap has raised over $750 million and has used more than $500 million to buy out bitcoin worth $108,564.58, resulting in a treasury of 4,950 BTC. This makes ProCap the 13th largest public holder of bitcoin in the world.

The data and analysis presented by Pompliano comes directly from ProCap and refers to the implied mNAV premium (implied multiple Net Asset Value). According to ProCap's analysis, the company's shares are currently trading at the lowest mNAV premium among a group of bitcoin treasury companies, at 1.3x, compared to similar companies like Cantor Equity Partners (CEP) which is at 2.2x.

This low mNAV premium indicates that ProCap BTC LLC may be undervalued relative to other bitcoin treasury companies. A key feature of the proposed business combination is the redemption rights for CCCM shareholders. Investors holding CCCM shares on the record date for the special meeting to approve the business combination will have the right to redeem their shares for cash held in trust.

At the closing of the CCCM initial public offering in May, the pro rata trust value is estimated to be around $10 per share. The maximum loss for investors is about 55 cents per share if the trust value remains around $10, according to Pompliano. However, if the implied mNAV ProCap premium rises to match the Cantor Equity Partners premium (2,2x), the post-deal share price could reach around $17.82 per share.