ProCap Acquisition CorpPCAP
Cash in trust
$260.4M
$260,439,226
Trust per share
$10.42
Redemption value
IPO
May 2025
—
Combination deadline
May 22, 2027
260 days remaining
Filings on record
47
Latest Aug 14, 2026
Overview
ProCap Acquisition Corp is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002056634. It completed its initial public offering in May 2025 and listing on Nasdaq. Class A shares trade under the ticker PCAP, units under PCAPU, warrants under PCAPW on Nasdaq. The vehicle is sponsored by ProCap through ProCap Acquisition Sponsor, LLC. The mandate targets generalist. IPO closed, trust funded, no definitive agreement announced.
“we intend to focus on initially, mergers and acquisitions, corporate finance, corporate governance and compliance and legal matters, and investment management.”
Reading the filings
Arithmetic on what ProCap Acquisition Corp has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a discount to trust
At $10.39 the shares change hands 0.26% below the $10.42 they can be redeemed for. A holder buying here is paid that spread to carry deadline and redemption risk until the vote, and the trust keeps accreting underneath it.
Trust versus the $10 unit
The trust holds $10.42 per public share, 4.2% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
260 days to the May 22, 2027 deadline. The vehicle is early in its search window, and the deadline is not yet the binding constraint.
Underwriting
BTIG led the offering. It has been named on 68 SPAC IPOs, book-running 63 of them, and 13.8% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Scores
Recomputed 6m agoThree readings of ProCap Acquisition Corp, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
53/100
- Discount to trust58
0.26%
- Trust accretion65
$10.42 per share
- Runway34
260 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
ModerateHow much attention is this vehicle attracting right now?
40/100
- Filing activity79
5 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust42
-0.26%
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ElevatedHow likely is this vehicle to complete a combination, and at what scale?
58/100
- Lead bank record45
13.8%
- Bank franchise70
68 SPAC mandates
- Trust scale78
$260M
- Stage40
searching
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
SEC filing history
Free tier: filings older than 24 hours- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000164
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000312069-26-000203
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001172661-26-003373
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001767393-26-000018
- 10-Q
Quarterly report
Accession 0001213900-26-087230
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000100
- 10-Q
Quarterly report
Accession 0001213900-26-053321
- 10-K
Annual report
Accession 0001213900-26-028492
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001213900-26-018434
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000902664-26-001014
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001905106-26-000025
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001172661-25-005012
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001172661-25-005011
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001412741-25-000010
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001193125-25-281779
- 10-Q
Quarterly report
Accession 0001213900-25-108209
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001172661-25-003423
- 10-Q
Quarterly report
Accession 0001213900-25-074297
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-25-062479
- 10-Q
Quarterly report
Accession 0001213900-25-061163
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-25-049049
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000950170-25-078082
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 3.02, 5.02, 5.03, 8.01, 9.01 · Accession 0001213900-25-047495
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-046863
- 424B4
Final IPO prospectus
Accession 0001213900-25-046580
- 424B4
Final IPO prospectus
Accession 0001213900-25-046578
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-046493
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-046492
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-046490
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-046488
ProCap Acquisition Corp: questions answered
What is ProCap Acquisition Corp (PCAP)?
ProCap Acquisition Corp is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002056634. It completed its initial public offering in May 2025 and listing on Nasdaq. Class A shares trade under the ticker PCAP, units under PCAPU, warrants under PCAPW on Nasdaq. The vehicle is sponsored by ProCap through ProCap Acquisition Sponsor, LLC. The mandate targets generalist. IPO closed, trust funded, no definitive agreement announced.
How much does ProCap Acquisition Corp hold in trust?
Approximately $260,439,226, or about $10.42 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must ProCap Acquisition Corp complete a merger?
By May 22, 2027. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if ProCap Acquisition Corp does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in ProCap Acquisition Corp, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.42 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does ProCap Acquisition Corp trade under?
Class A shares trade as PCAP on Nasdaq, the units as PCAPU, and the warrants as PCAPW. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for ProCap Acquisition Corp?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.42, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.39, a discount of 0.26% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
Who sponsors ProCap Acquisition Corp, and what is their track record?
ProCap Acquisition Sponsor, LLC is the sponsor entity, part of the ProCap franchise. This is the only vehicle we have attributed to that sponsor. Named principals: Anthony Pompliano.
Which banks underwrote the ProCap Acquisition Corp IPO?
BTIG. BTIG was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is ProCap Acquisition Corp tradeable, and where?
Yes. PCAP returned a live quote of $10.39 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is ProCap Acquisition Corp a good investment?
That is not a question this site answers. ProCap Acquisition Corp is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this ProCap Acquisition Corp data come from?
Filings ProCap Acquisition Corp submitted to the SEC under CIK 0002056634: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Sep 4, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
ProCap: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
BTIG in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Generalist SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs searching for a target
IPO closed, trust funded, no definitive agreement announced.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.