The Pomp Letter (private feed for supernelson12@outlook.com)

Bitcoin Is Telling Us The Stock Market Is Not Overvalued

Join us at the Independent Investor Summit in NYC on September 12th!Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.To investors,The stock market continues to fly higher and the pessimists are screeching that everything is overvalued. And the bears have plenty of data to point to as part of their case. Creative Planning’s Charlie Bilello recently pointed out the “S&P 500 is now trading at 3.15x sales, its highest valuation in history.”This should be concerning to investors, right? Not so fast. There are a number of considerations worth unpacking. For example, the US stock market is denominated in dollars and those dollars have been debased at a much faster pace than what the public has been told over the last 50 years.Adam Kobeissi writes:“Fiat currencies are in an eternal bear market. No economy has maintained an average inflation rate below 2% since the end of the gold-backed Bretton Woods system in 1971. In other words, the value of fiat currencies has fallen by at least 2% annually over the last 54 years. For example, the US, Canada, China, and France have averaged around 4% inflation over this period. Meanwhile, Brazil, Argentina, and Venezuela have seen their currencies collapse by nearly 100%.”Yes, you heard that right. The United States has actually been debasing the dollar at 4% a year for over 50 years, which is double the Fed’s target of 2% inflation. And we know the dollar has been debased by 30% since 2020, so you would expect stocks to trade at a higher premium to account for this monetary phenomenon.Quite literally, investors are using stocks as an inflation hedge. That inflation hedge trade will drive valuation multiples higher, which is exactly what we are watching happen. But before you get nervous and start dumping your US stocks, it is important to know the United States is dominating on the global stage. Alec Stapp highlights that 22 of the top 25 largest companies in the world are American right now. A16Z’s Katherine Boyle points out there has been significant change over the last 25 years. Back in 2000, Katherine shows only 3 of the top 10 largest companies in the world were American. Now that number is 8 out of the top 10.So stocks are hitting the highest valuation multiple in history. American companies are disrupting the world. And the US dollar is being debased at an alarming rate. These should all be market top signals, right?Again, not so fast. Bitcoin, the purest macro asset in the world, suggests we are not anywhere near a market top.X user Cyclop shows that “0 out of 30 [Bitcoin] Bull Market Peak Indicators have hit so far.”The pessimists can yell and scream. The bears can predict doom and gloom. But the actual data suggests we are in a bull market and it won’t end any time soon.Hope you all have a great start to your week. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementThe $9 Trillion 401(k) Bomb About To Hit Bitcoin with Jordi VisserJordi 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 talk about bitcoin coming to 401k’s, the lack of volatility, why ETH is performing well, what is going on at the Fed, how AI & GPT-5 will impact the economy, and how you can make more money.Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! 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

Is Bitcoin's Volatility Gone Forever?

To investors,Bitcoin’s volatility has long been a major selling point for investors to purchase and hold the asset. Retail investors saw the volatility as a way to buy bitcoin early before it went up a lot. Sophisticated, institutional investors saw the volatility as an asymmetric bet that presented the best risk-reward scenario in finance.So what happens if the volatility starts to disappear?We don’t have to guess anymore, because this is starting to happen over the last two years. Bloomberg’s Eric Balchunas writes: “VOL KILLER: Since the launch of the ETFs the volatility on bitcoin has plummeted. The 90-day rolling vol is below 40 for the first time - it was over 60 when the ETFs launched. I threw in $GLD for perspective. Less than 2x gold, used to be over 3x.”Mitchell Askew concludes this decreasing volatility means “Bitcoin looks like two entirely different assets before and after the ETF. The days of parabolic bull markets and devastating bear markets are over. BTC is going to $1,000,000 over the next 10 years through a consistent oscillation between “pump” and “consolidate" It will bore everyone to death along the way and shake the tourists out of their positions. Strap in.”Balchunas agrees with Mitchell. Eric writes “This guy gets it. We’ve been saying same thing. Since BlackRock filing Bitcoin is up like 250% with much less volatility and no vomit-inducing drawdowns. This has helped it attract even bigger fish and gives it fighting chance to be adopted as currency. Downside is probably no more God Candles. Can’t have it all!”But Semler Scientific’s Joe Burnett sees it a little differently. Joe says:“Before bitcoin's 2017 parabolic bull run, volatility had been steadily declining while the price was slowly ticking higher. Over the last three years, we've seen similar behavior. Volatility has continued falling while bitcoin gradually climbs. Now it feels like we're at another inflection point. Does volatility keep falling from here? If so, maybe bitcoin continues its slow and steady grind upward. But if we’re still early in the adoption cycle, the setup could be explosive. Governments have yet to take meaningful positions. The S&P 500 owns very little bitcoin. Institutions own very little bitcoin. And the typical portfolio still holds 0% bitcoin. If bitcoin is already a mature asset, maybe the trend continues. But if we’re still in the early stages of global adoption, we might be on the edge of a breakout that looks more like the 2017 parabolic bull run (upward volatility).”So what is going happen? The short answer is that no one knows. I wouldn’t bet on bitcoin staying dormant forever. The asset is known to become volatile right when everyone thinks it won’t. But I also believe bitcoin’s long-term volatility will continue to compress as the asset gets larger, more traditional finance investors hold it, and the asset transitions from a contrarian trade to a consensus trade.Volatility is important. It brings greed and fear. It provides opportunity. And it ultimately serves as an incredible marketing campaign for bitcoin. Let’s hope the volatility is not gone. It would be incredible if the market gods blessed us with a few more years of max volatility.Hope you all have a great end to your week. I’ll talk to everyone on Monday.- Anthony PomplianoFounder & CEO, Professional Capital ManagementThe Summer of Bitcoin & Crypto ExplainedPolina Pompliano and Anthony Pompliano discuss why bitcoin is winning, the summer of crypto, what’s changing with artificial intelligence, why the banks will have to embrace bitcoin, why Warren Buffett and Berkshire are losing, and this one idea you have to realize.Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! 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

The Money Printer, The Debt, and Data Centers

To investors,The US national debt continues to grow to the sky at an alarming rate. That isn’t a big secret. Frankly, thousands of people yell and scream about the problem online every day. But new data suggests the debt ceiling, which is supposed to limit how much the government can borrow, may actually contribute to a higher national debt over time.You can see in this chart from Global Markets Investor on X that the national debt explodes higher as soon as the debt ceiling is raised or removed every few years.It almost seems like the national debt is a coiled spring when it hits the debt ceiling. The second politicians strike a deal to raise the ceiling, the national debt flies higher.And the problem has become even more widespread than merely a fast-growing debt. The United States is now paying more than $1 trillion per year on the interest for our debt. That chart should scare the hell out of any American citizen. But you know what is even more insane than a $1 trillion annual interest payment? The fact that 1/3rd of all Chinese provinces were allocating their entire provincial revenue to simply service their debt back in 2022, according to Michael Arouet. One out of every three provinces! That is a ridiculous number.And that was back in 2022, so imagine how much worse the situation is now. I share this data from China to highlight the debt problem is a global issue. Politicians and central bankers lost discipline since the Global Financial Crisis. It didn’t matter what language they spoke, what higher education degrees they boasted on their resume, or which geography they lived in — they all printed as much money as they could and it has led to total economic destruction of their finances and the debasement of their currencies. But thankfully, the story doesn’t end in tears. There is still hope out there. If you want to be wealthy, you have to figure out how to own equity in a business. Nick Maggiulli shows “the poor own cars, the middle class own homes, and the rich own businesses.” Nick says “starting a business doesn't guarantee great wealth, but it's one of the few paths to get there.”And we are watching the investment dollars from those businesses flow towards the future of software and artificial intelligence, rather than traditional office space with a high density of human labor. Michael Arouet shows the likelihood that data center construction spending will eclipse office construction spending in the coming months.So what is happening to the businesses helping to fund this build out of the future technology? Well, they appear to be winning in a big way. Mike Zaccardi shows the top 10 largest companies in the S&P 500 are dominating the remaining 490 smaller companies. Mike explains “the 10 biggest US companies have driven almost all of the S&P 500's earnings-per-share growth in the past 2+ years.”Welcome to the new economy. It is beating the old economy. Just take a look at Berkshire Hathaway stock. Opening Bell’s Phil Rosen points out “Berkshire Hathaway has dropped 15% since 94-year-old Warren Buffett announced his retirement in May. The stock has underperformed the S&P 500 by 26% since that date, which was also the last time BRK.B hit a record high.”The national debt is not going to stop growing. The interest payments are a major problem, both domestically and internationally. So asset prices are all going up, but the most efficient companies positioned for the world we are hurdling towards — those are the areas where the best investment opportunities lie.Have a great day. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementTether CEO Explains His Plan To Come To The United StatesTether CEO Paolo Ardoino explains his plan to come to the United States, what is happening in emerging markets, where Tether’s billions in profits is going, and how AI and bitcoin will lead us into the future. 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

Bitcoin Rate of Return

To investors,There are a few different ways you can measure the results of an investment. You can use Internal Rate of Return (IRR), Return on Investment (ROI), Compound Annual Growth Rate (CAGR), or Time-Weighted and Money-Weighted Returns (TWR/MWR).Each of these metrics is trying to measure something slightly different, but ultimately the goal is for the calculation to answer the question “is this investment good or bad?”But there is one problem with these metrics — they all measure the investment return against the US dollar. Why is that a problem? Well, the dollar is being debased at an accelerated rate, so most assets priced in dollars continue to trend higher simply because of the loss of purchasing power. According to Truflation, the US dollar has lost 28% of its purchasing power since January 2020. That is insane debasement in about half a decade.So how can you measure the success of an investment while removing the impact of dollar debasement? One way to do it would be to measure the success of an investment against a finite asset that can not be debased or printed.We can call this a “Bitcoin Rate of Return.” If we apply the concept to the S&P 500, we get a very interesting story. In dollar terms, the S&P 500 has appreciated approximately 100% since 2020.But if we measure the S&P 500’s success against bitcoin instead of the US dollar, we can see that the S&P is down 85% since 2020 in bitcoin terms. That is a complete destruction of stock portfolios when measured against a finite asset.You can see the same phenomenon at play with US housing. The median US home has appreciated by about 50% since 2016 when measured in dollar terms. But the same median home has dropped 99% when priced in bitcoin. The home cost about 664 bitcoin in 2016 and now it cost less than 6 bitcoin. I explain this issue here:So if you were measuring the appreciation of your home, which is a very large portion of many people’s net worth, then you thought you were getting wealthier in dollar terms, but you were actually getting poorer in terms of a finite asset. These examples are a big reason why I believe “Bitcoin Rate of Return” will become an important new metric in traditional finance. In fact, I believe this concept is so important that we have decided to change the ticker symbol for our bitcoin-native financial services company, which will be called ProCap Financial after our proposed public market business combination, to BRR.Here is what we wrote in a recent press release about the ticker symbol change:“BRR stands for “Bitcoin Rate of Return,” a concept that ProCap BTC believes will emerge as a defining performance metric in the next era of finance. As traditional currencies face ongoing debasement, ProCap BTC advocates for a shift in perspective to evaluating returns not in nominal U.S. dollars, but in Bitcoin, as one of the world’s most sound and scarce monetary assets.Upon completion of the proposed Business Combination, the goal of the go-forward public company, ProCap Financial Inc. (“ProCap Financial”), is to outperform Bitcoin by accretively acquiring more Bitcoin to grow ProCap Financial’s Bitcoin-per-share. In addition, ProCap Financial’s long-term ambition is to evolve into a full-spectrum Bitcoin-native financial institution where every dollar raised, deployed, or borrowed ultimately compounds back into more Bitcoin per share through differentiated yield-generating strategies and operating cash flows that will support the Bitcoin network and its ecosystem partners.Given ProCap Financial’s planned strategic focus on generating a compelling Bitcoin rate of return, the transition to the ticker symbol BRR serves as a clear reflection of its long-term vision and alignment with its core objective.”You can read the full press release here by clicking here. The ticker symbol change becomes effective today.I share this information with you because you are going to hear me talking about Bitcoin Rate of Return a lot more in the future. Measuring the success of an investment against the US dollar is easy mode. Anyone can buy assets, wait for the government to debase dollars, and then claim victory. I mean even gold is outperforming the S&P 500 over the last 10 years.So now the real challenge becomes whether an investor or company can outperform bitcoin. Can someone generate a positive Bitcoin Rate of Return? This makes bitcoin the new hurdle rate. And as I continue to say, if you can’t beat it, you have to buy it. Hope you all have a great day. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementAnthony Pompliano Explains Why The Bitcoin Bull Run Is Far From OverPolina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, hash-rate hitting all-time highs, tariffs, and why the American economy is still king.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.IMPORTANT LEGAL INFORMATIONProCap Financial and 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) the proposed Business Combination, to be effected subject to and in accordance with the terms of the Business Combination Agreement dated as of June 23, 2025 (as amended on July 28, 2025, and as may be further 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, and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation, (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 of the Proposed Transactions 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: IR@ColumbusCircleCap.com, 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, 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 SolicitationCCCM, 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 SolicitationThis 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 StatementsThis 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 $0.001 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 the 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 of the Proposed Transactions; 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

Here Is Proof We Are Watching A Historic Economic Boom

To investors,It seemed like everyone was predicting an economic collapse just a few weeks ago. There was talk of recessions, depressions, and empty shelves on every news channel. The academics and economists were relevant for two seconds because they brought out a bunch of misplaced theories on why the new economic policies being implemented were guaranteed to bring financial pain to Americans. They were all wrong. The United States economy is experiencing a historic economic boom. We got Q2 GDP numbers this morning and they blew away expectations. Instead of the forecasted 2.4% GDP growth number, the official measurement came in at 3%. Just an insane outperformance for the economy. The economists were so wrong that you have to wonder how any of them have jobs left after a blunder like this. So what exactly is driving this economic boom in America? Navy Federal’s Chief Economist Heather Long writes:“The key drivers were: 1) A massive decline in imports after the April "Liberation Day" tariffs. -35.3% (!) for goods in Q2 2) Consumption up 1.4% (vs. just 0.5% in Q1) Notable: Business investment declined in Q2, underscoring how nervous firms are to do much hiring or spending in uncertain times.”And remember this positive economic surprise comes at a time when we are already experiencing a very bullish macro backdrop. Adam Kobeissi explains “the US economy is hot: We have now seen 63 months of US economic expansion, the 7th longest business cycle since 1854….By comparison, the longest period without a recession was between 2008 and 2020, at ~125 months. Since the 1980s, all economic cycle have lasted well above the historical average. Unconventional monetary policies and historically large budget deficits appear to be extending business cycles.”So this is a great reminder that we are living through different times. The market has structurally been changed by the central bank’s willingness to print money, artificially suppress interest rates, and ultimately debase the currency. That decision is a structural tailwind for the economy and asset prices overall. And here is the best part — Wall Street financial firms were predicting doom and gloom back in April. Retail investors were too busy ignoring the noise and buying the dip. In hindsight, the retail investors look like geniuses because they participated in one of the most historic market recoveries ever experienced by American investors.Whether you liked tariffs or not, you must update your mental model. The economic policies are working. We are seeing significant economic growth, no sky-high inflation, and an unemployment rate that refuses to sound any alarm bells. The big question now is can we continue the bull run for months to come? I believe so. But we are all going to find out together.Hope you have a great day. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementeToro CEO Yoni Assia Explains Where Bitcoin Is Going and How His Company Will Dominate In AmericaYoni Assia is the Founder & CEO of eToro, the world’s leading social investment network. In this conversation we talk about why Yoni was buying bitcoin when it was real cheap in 2011, the rise to bitcoin being over 100k in price, why he thinks it’s still early, tokenization, how he thinks about being a public company CEO today, and what to expect moving forward.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