$BTC Anthony Pompliano-led ProCap BTC closed its SPAC merger on Friday.

This year's crop of quickly-formed bitcoin treasury companies have plunged in value, and BRR fell more than 50% this week as its merger went forward.

Pompliano attempted to address investor concerns over management and board compensation.

Special purpose acquisition company (SPAC) Columbus Circle Capital (BRR) and ProCap BTC — led by Anthony Pompliano and having raised more than $750 million to build a bitcoin treasury firm — closed their merger late Friday.

The combined company has been renamed ProCap Financial and will begin trading on the Nasdaq under the BRR symbol on Monday.