0001493152-26-007352 | 10-K | XBRL Viewer

Income Taxes (Details Narrative)	Dec. 31, 2025 USD ($)
Effective Income Tax Rate Reconciliation [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 17,907,487
Operating Loss Carryforwards	5,300,000
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost	200,000
Uncertain tax liability	0
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 13,000,000.0

Schedule of Convertible Note (Details)

Dec. 31, 2025

USD ($)

Debt Disclosure [Abstract]

Convertible Notes due 2028

$ 235,000,000

Discount, net

(11,387,249)

^[1]

Debt issuance costs, net

(9,440,843)

^[2]

Convertible Notes, net

$ 214,171,908

[1]	Discount as of December 31, 2025 consisted of $7,050,000 of original issue discount and $4,629,230 for the fair value of the embedded derivative less accumulated amortization of $291,981.
[2]	Debt issuance costs as of December 31, 2025 consisted of $9,682,916 in debt issuance costs less accumulated amortization of $242,073.

Digital Assets (Tables)

6 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Significant Digital Assets Holdings

The following table sets forth the units held, cost basis and fair value of crypto assets held, as shown on the balance sheet as of December 31, 2025:

The cost basis represents the average cost at the time the Company purchased the Bitcoin.

	Quantity		Cost Basis		Fair Value
BTC		5,000.47	$	466,796,700	$	441,791,316
Total			$	466,796,700	$	441,791,316

Schedule of Reconciliation of digital assets

The following table presents a reconciliation of the fair values of the Company’s digital assets held for the period from June 17, 2025 (inception) through December 31, 2025, based on the fair value model under ASU 2023-08:

	Fair value
Digital assets as of June 17, 2025 (inception)	$	—
Purchase of digital assets		983,296,700
Sale of digital assets		(462,036,316	)
Net realized loss on sale of digital assets		(54,463,684	)
Net unrealized loss on digital assets		(25,005,384	)
Digital assets fair value as of December 31, 2025	$	441,791,316

Fixed Assets (Details Narrative)	6 Months Ended
Fixed Assets (Details Narrative)	Dec. 31, 2025 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation	$ 32,469

Recapitalization (Details Narrative)	6 Months Ended
Recapitalization (Details Narrative)	Dec. 31, 2025 USD ($) $ / shares shares
Common stock, par value \| $ / shares	$ 0.001
Circle Capital Corp I [Member]
Redemption of ordinary shares \| shares	23,434,229
Circle Capital Corp I [Member] \| Common Class A [Member]
Aggregate payment	$ 239,345,691
Public Warrants [Member]
Warrant issued	12,500,000
Public Warrants [Member] \| IPO [Member]
Warrant issued	12,500,000
Private Placement Warrants [Member]
Warrant issued	352,500
Private Placement Warrants [Member] \| IPO [Member]
Warrant issued	$ 352,500
Common Stock [Member]
Common stock, par value \| $ / shares	$ 0.001
Seller and Jeffrey Park [Member] \| Common Stock [Member]
Number of units issued \| shares	10,000,000
Common stock, par value \| $ / shares	$ 0.001
Seller and Jeffrey Park [Member] \| Preferred Stock [Member]
Number of units issued \| shares	64,562,500
SPAC Merger [Member] \| Common Stock [Member]
Number of units issued \| shares	10,604,104

Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Dec. 31, 2025 - USD ($)	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, June 17, 2025 (inception) at Jun. 16, 2025
Balance, shares at Jun. 16, 2025
Treasury Stock, Balance shares at Jun. 16, 2025
Issuance of common units pursuant to the Investment Consulting and Marketing Services Agreement, as recasted	$ 10,000		(10,000)
Issuance of common units pursuant to the Investment Consulting and Marketing Services Agreement, as recasted, shares	10,000,000
Sale of preferred units, net of equity issuance costs, as recasted	$ 63,500		487,443,979		487,507,479
Sale of preferred units, net of equity issuance costs, as recasted, shares	63,500,000
Sale of preferred units, net of equity of issuance costs, related party, as recasted	$ 1,063		8,156,050		8,157,113
Sale of preferred units, net of equity issuance costs, as recasted, shares	1,062,500
Issuance of stock upon consummation of the Business Combination	$ 10,604		12,180,067		12,190,671
Issuance of stock upon consummation of the Business Combination, shares	10,604,104
Conversion of preferred units to common stock at carrying amount			(56,298,500)		(56,298,500)
Stock-based compensation			442,043		442,043
Purchase of treasury stock		$ (2,846,627)			(2,846,627)
Purchase of treasury stock, shares		(839,396)
Net loss				(28,975,504)	(28,975,504)
Ending balance, value at Dec. 31, 2025	$ 85,167	$ (2,846,627)	$ 451,913,639	$ (28,975,504)	$ 420,176,675
Balance, shares at Dec. 31, 2025	85,166,604
Treasury Stock, Balance shares at Dec. 31, 2025		(839,396)			839,396

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements reflect all adjustments including normal recurring adjustments, which, in the opinion of the Company’s management, are necessary to present fairly the financial position, results of operations, and cash flows for the period presented in accordance with GAAP. References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these accompanying notes to the consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). References in the accompanying notes to accounting guidance issued by FASB are to the FASB Accounting Standards Codification (“ASC”). As this is the Company’s first annual reporting period, there are no prior-period consolidated financial statements for comparison. The consolidated financial statements include all information and disclosures required by U.S. GAAP for a complete set of annual financial statements.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Procap Financial, Inc. and the Company’s wholly owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities.

Use of Estimates

The preparation of the accompanying financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate is the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which could change in the near term due to one or more future confirming events. Significant accounting estimates include valuations of derivative liabilities and the valuations of share-based awards. Accordingly, the actual results could differ significantly from those estimates.

Segment Information

ASC 280, “Segment Reporting” (“ASC 280”), defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as a single operating segment. The Company’s CODM is the Chief Executive Officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM uses cash flows as the primary measure to manage the business and does not segment the business for internal reporting or decision making.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, restricted cash, and Bitcoin. The Company maintains its cash, cash equivalents, restricted cash and Bitcoin with major financial institutions and reputed Bitcoin custodians. The Company’s cash consists of accounts held within financial institutions which, at times, may exceed federally insured limits. The cash balance in excess of the federally insured limits was $144,989,552 as of December 31, 2025. Accounts held through Bitcoin custodians, Anchorage Digital Bank and Bitgo Trust Company, which totaled $24,430,101, and cash equivalents money market treasury funds, which totaled $25,002,553, are not insured by the Federal Deposit Insurance Corporation. Our Bitcoin is held offline in cold storage with multiple third-party providers. As of December 31, 2025 approximately 50% of our Bitcoin was held at Anchorage Digital Bank and approximately 50% of our Bitcoin was held at Bitgo Trust Company.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity date of three months or less when purchased to be cash equivalents.

Restricted Cash

The Company classifies cash as restricted cash when it is held in a separate bank account and its withdrawal or general use is legally restricted, or when a portion of cash is designated as collateral. The Company had restricted cash of $149,885,332 as of December 31, 2025, which represented $145,239,552 set aside as collateral for the Convertible Notes (as defined in Note 8) and $4,645,780 required to be set aside as collateral for the derivative security, refer to Note 14 for additional information.

Fixed Assets, net

Property, plant and equipment is stated at cost, less accumulated depreciation. Betterments, renewals, and extraordinary repairs that materially extend the useful life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company includes equipment, furniture and fixtures, and leasehold improvements in the fixed assets.

The Company’s depreciation expense is calculated using the straight-line method over the estimated useful lives of the related assets, which results in depreciation being incurred evenly over the life of an asset. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service.

Prepaid Expenses

The Company includes in prepaid expenses payments made in advance for goods and services for which the Company will receive a future benefit. Prepaid expenses are recorded at cost and are expensed over the period in which the benefit is realized.

Fair value measurement

The Company’s financial assets and liabilities are accounted for in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Observable, market-based inputs, other than quoted prices included in Level 1, for the assets or liabilities either directly or indirectly.

Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or a liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

Digital assets

As a result of the adoption of ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), the Company accounts for its qualifying crypto assets within the scope of ASC 350-60. Accordingly, such crypto assets are measured at fair value at each reporting date.

The fair value of the Company’s digital assets is determined using the period-end closing price quoted on Coinbase, an active market, in accordance with ASC 820, Fair Value Measurement. Because digital asset markets operate on a continuous, 24-hour basis, the Company uses the price as of midnight Coordinated Universal Time (UTC) as of the reporting date. Quoted prices for identical digital assets in active markets represent Level 1 inputs in the fair value hierarchy.

Changes in the fair value of digital assets are recognized in change in fair value of digital assets within other income (loss) in the consolidated statement of operations. When the Company sells digital assets, realized gains or losses are measured as the difference between the cash proceeds received and the carrying value of the digital assets sold, as determined using the first-in, first-out (“FIFO”) method. Realized gains and losses are recorded in realized gain or loss on sale of digital assets in the consolidated statement of operations.

The Company’s current treasury strategy is to retain Bitcoin as its primary treasury reserve asset. Based on this strategy, the Company classifies its digital assets as non-current assets on the consolidated balance sheet. As of December 31, 2025, the Company held its Bitcoin with third-party custodians, consisting of approximately 2,500 Bitcoin held with Anchorage Digital Bank, N.A. and approximately 2,500 Bitcoin held with BitGo Trust Company, Inc. The Company retains control over the underlying digital assets held with these custodians. The Company has entered into derivative contracts, including Bitcoin selling put option contracts, as part of a broader Bitcoin treasury and income generating strategy to manage exposure to fluctuations in the market price of Bitcoin or for trading purposes. The put options sold provide the right to buy Bitcoin at a specified strike price on a stated maturity date. The contracts to date have been exchange-traded and may be cash-settled or physically settled. These instruments are accounted for separately as derivatives and are not considered digital assets. Gains and losses related to the derivative contracts are recognized in other income (expense) on the consolidated statement of operations.

Accounts Payable and Accrued Expenses

The Company’s payables and accrued expenses result primarily from the administration of the Company. The Company records accounts payable upon receipt of a vendor invoice. Accrued expenses are recognized when incurred, not when paid, to accurately reflect expenses within the period they relate to, ensuring proper matching under accrual basis accounting.

Derivative Liabilities

The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives per ASC 815, Derivatives and Hedging (“ASC 815”). The preferred units issued prior to the Business Combination contain certain features that meet the definition of an embedded derivative requiring bifurcation as a separate compound financial instrument (the “Derivative Liability”). The Derivative Liability was recorded at fair value upon entering into the LLC Agreement and was subsequently remeasured to fair value at each reporting period with the corresponding change in fair value recognized in Change in fair value of conversion feature - preferred units in the consolidated statement of operations. The conversion feature was initially valued and was remeasured using Black-Scholes pricing model. The Black-Scholes model requires the use of Level 3 unobservable inputs, primarily the current value of the underlying share, the exercise price of the option, and the estimated volatility of the value of the share over the life of the option.

The Convertible Notes contain a conversion feature that must be bifurcated and accounted for as a derivative instrument (the “Derivative Liability”) (See Note 8). The Derivative Liability was recorded at fair value upon the issuance of the Convertible Notes and is to be subsequently remeasures to fair value at each reporting period recognized in Change in fair value of convertible note conversion feature in the consolidated statement of operations. The Derivative Liability was initially valued and is remeasured using a Black-Scholes option pricing model. The Black-Scholes option pricing model requires the use of Level 3 unobservable inputs, primarily the current value of the underlying share and the Bitcoin price volatility.

Refer to Note 11 “Fair Value Measurements” for details regarding the fair values.

Revenue Recognition Policy

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of promised services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services.

The Company typically provides advertising and marketing services through weekly digital media placements, including audio, and social media advertisements. Revenue is recognized over time, as the customer simultaneously receives and consumes the benefits of the services as they are performed (ASC 606-10-25-27(a)). For contracts in which services are provided evenly over the term of the arrangement, the Company applies a time-elapsed (straight-line) measure of progress, as this method best reflects the pattern of satisfaction of the performance obligation.

Customer payments are typically due upfront or within 30 days of service commencement. Amounts invoiced and cash received upfront, but not yet earned are recorded as deferred revenue until the related services are performed.

Management evaluates all contracts to determine performance obligations, transaction price, variable consideration (if any), and the existence of any significant financing components. The Company does not typically incur incremental costs to obtain contracts; therefore, no contract costs are capitalized under ASC 340-40.

Accounts Receivable

Accounts receivable represents amounts due from customers for services sold in the ordinary course of business and are initially recorded at the original invoice amount. Receivables are reported at net realizable value, net of an allowance for credit losses. The allowance is estimated using historical collection data, with uncollectible amounts written off when deemed uncollectable. The Company had accounts receivable of $45,000 as of December 31, 2025, and no recorded allowance for credit losses.

As of December 31, 2025, amounts due from one customer make up the total of accounts receivable.

Warrants

The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480”), then in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). Accordingly, the Company evaluated and classified the warrant instruments under equity treatment at their assigned values. There were no changes in the number of warrants issued and outstanding as of December 31, 2025 there are 12,500,000 Public Warrants and 352,500 Private Placement Warrants outstanding.

Convertible Debt

When the Company issues convertible debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine (1) whether the instrument should be classified as a liability under ASC 480, and (2) whether the conversion feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument would be separated from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of a derivative under ASC 815. When a conversion feature meets the definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried on the consolidated balance sheet at fair value, with any changes in its fair value recognized in the consolidated statement of operations.

The Company records the Convertible Notes as a long-term liability at face value net of debt discount and debt issuance costs. If any of the conditions to the convertibility of the Convertible Notes are satisfied, or the Convertible Notes become due within one year, then the Company may be required under applicable accounting standards to reclassify the carrying value of the Convertible Notes as a current liability.

Debt issuance costs related to the Convertible Notes were capitalized and recorded as a contra-liability and are presented net against the balance of the Convertible Notes on the consolidated balance sheet. Debt issuance costs consist of underwriting, legal and other direct costs related to the issuance of the Convertible Notes. The debt discount related to the Convertible Notes was capitalized and recorded as a contra-liability and is presented net against the balance of the Convertible Notes on the consolidated balance sheet. Debt issuance costs and debt discount are amortized to interest expense over the term of the Convertible Notes using the straight-line method which approximated the effective interest method using an effective interest rate of approximately 9.0%.

Stock-based Compensation

The Company accounts for its stock-based compensation awards in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). ASC 718 requires companies to measure the cost of employee and non-employee services received in exchange for an award of an equity instrument to be recognized as expense in the statement of operations based on their grant award date fair values. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period.

Net Loss Per Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share” which requires presentation of basic and diluted earnings per share (“EPS”) on the face of the statement of operations for all entities with complex capital structures and requires a reconciliation of the numerator and the denominator of the basic EPS computation to the numerator and denominator of the diluted EPS. Basic net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding for the period. It excludes the dilutive effects of any potentially issuable common shares. Diluted net loss per share is calculated by including any potentially dilutive share issuance in the denominator. For the period from June 17, 2025 (inception) through December 31, 2025, all potentially dilutive securities were not included in the calculation of diluted net loss per share as their effect would be anti-dilutive.

The computation of basic and dilutive net loss per share for the period from June 17, 2025 (inception) through December 31, 2025 are as follows:

	For the period from June 17, 2025 (inception) through December 31, 2025

Numerator:
Net loss	$	(28,975,504	)

Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		73,685,031
Net loss per common stock, basic and diluted	$	(0.39	)

As of December 31, 2025, common stock equivalents not included in the computation of net loss per share because their effect would be antidilutive included the following:


Warrants (see Note 12)			12,852,500
RSUs (see Note 13)			8,220,000
Convertible Notes (see Note 8)			18,071,500
Total			39,144,000

Income taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and the measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Treasury Stock

The Company accounts for treasury stock using the cost method in accordance with U.S. GAAP. When the Company repurchases its own common stock, the purchase price, including any directly attributable transaction costs, is recorded as treasury stock, a reduction to stockholders’ equity. Treasury shares are not considered outstanding and therefore are excluded from the calculation of earnings per share and dividends.

When treasury shares are reissued, the Company uses the average cost of the shares held in treasury to determine the cost basis. Any excess of the reissuance price over the cost of the shares is recorded as an increase to additional paid-in capital. If the reissuance price is below cost, the difference is first charged to additional paid-in capital to the extent of previous net gains from treasury stock transaction; any remaining shortfall is recorded as a reduction to retained earnings.

The Company does not recognize gains or losses in the consolidated statement of operations from the purchase, reissuance or retirement of treasury stock. If treasury shares are formally retires, the Company reduces common stock and additional paid-in capital based on the original issuance amounts, with any difference between the carrying amount of the treasury shares and the amounts removed from equity recorded in retained earnings.

Recent accounting pronouncements

Recently Adopted Accounting Pronouncements:

ASU 2023-08 — Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair value at each reporting date, with changes in fair value recognized in net income. The guidance also requires enhanced disclosures regarding significant crypto asset holdings. The Company adopted ASU 2023-08 effective June 17, 2025. Upon adoption, qualifying digital assets are measured at fair value as of each reporting period.

The adoption of ASU 2023-08 did not have a material impact on the Company’s consolidated financial position or cash flows.

Recent Accounting Pronouncements, not yet adopted:

In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The standard revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. The amendments differ from current U.S. GAAP because, for certain transactions, they replace the requirement that the primary beneficiary of a VIE is always the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The ASU does not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance will become effective for interim and annual reporting periods beginning on January 1, 2027, will require a prospective transition method for business combinations that occur after the initial adoption date, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s consolidated financial statements.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

Schedule of Prepaid Expenses and Other Current Assets (Details)	Dec. 31, 2025 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 1,812,891
Prepaid expenses - current	50,325
Total prepaid expenses - current	1,863,216
Prepaid expenses - non-current	16,250
Interest receivable	$ 257,389

Consolidated Statement of Operations	6 Months Ended
Consolidated Statement of Operations	Dec. 31, 2025 USD ($) $ / shares shares
Income Statement [Abstract]
Revenue	$ 85,000
Operating expenses
General and administrative	7,630,335
Stock-based compensation	442,043
Loss from operations	(7,987,378)
Other income (expense):
Realized loss on sale of digital assets	(54,463,684)
Change in fair value of digital assets	(25,005,384)
Change in fair value of conversion feature - preferred units	56,298,500
Change in fair value of convertible note conversion feature	2,350,290
Change in fair value of derivative securities	106,264
Interest income	259,942
Interest expense	(534,054)
Other expense, net	(20,988,126)
Net loss	$ (28,975,504)
Weighted average number of shares of common stock outstanding, basic \| shares	73,685,031
Weighted average number of shares of common stock outstanding, diluted \| shares	73,685,031
Net loss per common stock, basic \| $ / shares	$ (0.39)
Net loss per common stock, diluted \| $ / shares	$ (0.39)

Commitments and Contingencies

6 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

As of December 31, 2025, we did not have any material commitments except as noted below.

Non-Competition Agreement

Contemporaneously with the execution and delivery of the Business Combination Agreement, ProCap BTC, CCCM, the Company and Mr. Anthony Pompliano entered into a Non-Competition and Non-Solicitation Agreement, pursuant to which, until the earlier of (i) the date that is eighteen (18) months following the Closing Date June 23, 2025 and (ii) the date that is six (6) months after such date as Mr. Pompliano ceases to be a Control Person of the Company or ProCap BTC, Mr. Pompliano will not, directly or indirectly, become a Control Person of a public company with a primary portion of its business comprised of pursuing a Bitcoin treasury strategy program. For purposes of the Non-Competition Agreement, “Control Person” shall mean (x) the chairman of a board of directors, chief executive officer or president, or (y) the owner of such equity interests or right to acquire equity interests of a Person which entitles the holder thereof to the ability to manage or control such Person.

Services Agreement

In connection with the execution and delivery of the Business Combination Agreement, Inflection Points, an entity under common control, and the Company entered into an Investment Consulting and Marketing Services Agreement (the “Services Agreement”). Pursuant to the Services Agreement, Inflection Points agreed to provide certain services to the Company. The services shall be provided pursuant to statements of work. The Services Agreement has a term of four (4) years following the Effective Date and will automatically renew for a subsequent one (1) year term, unless either party gives the other party at least sixty (60) days’ prior written notice of non-renewal or otherwise terminates the Services Agreement or any statement of work as set forth therein. In consideration of the Work performed, upon execution of this Agreement, Service Provider shall receive an aggregate of 10,000,000 Common Units of ProCap BTC, which were exchanged for 10,000,000 shares of the Company’s stock at the closing of the Business Combination (See Note 4). Payment for all or part of the Work shall not constitute acceptance. As of December 31, 2025, these shares have been issued and are outstanding (see Note 12). These shares were recorded at fair value at date of issuance, which was reported at $10,000 on the statement of changes in stockholders’ equity.

Preferred Equity Subscription Agreement

In connection with the execution of the Business Combination Agreement, certain “qualified investors” (defined to include “qualified institutional buyers” (“QIBS”), as defined in Rule 144A of the Securities Act, and institutional “accredited investors,” as defined in Rule 501 of Regulation D) (the “Preferred Equity Investors”) each entered into a Preferred Equity Subscription Agreement (collectively, the “Preferred Equity Subscription Agreements”) with CCCM, ProCap BTC and the Company, pursuant to which the Preferred Equity Investors subscribed to purchase an aggregate of 51,650,000 non-voting preferred units of ProCap BTC (“Preferred Units”), at a purchase price of $10.00 per unit in a private placement, for an aggregate amount of $516.5 million of such Preferred Units (the “Preferred Equity Investment,”), which were converted and exchanged for 64,562,500 shares of common stock of the Company at the Closing of the Business Combination (See Note 4). Additionally, each Preferred Equity Subscriber executed a joinder agreement to that certain Limited Liability Company Operating Agreement of the Company, dated as of June 22, 2025, by and among the Company and the members identified therein (the “LLC Agreement”), pursuant to which each Preferred Equity Subscriber accepted the rights, duties and obligations set forth in the LLC Agreement and became a preferred member of the Company.

As described above, all of the proceeds from the Preferred Equity Investment were used by the Company to the purchase Bitcoin, which Bitcoin was held in a custodial account until the Closing, upon which it was contributed to ProCap Financial.

Sponsor Earnout Agreement

On December 3, 2025, the Company and Sponsor entered into an agreement (the “Sponsor Earnout Agreement”), providing that 8,333,333 shares of Pubco Stock (such shares subject to earnout, the “Earnout Founder Shares”), representing all of the shares of Pubco Stock issuable to the Sponsor or its transferees in exchange for their Class B ordinary shares of CCCM (“Class B Ordinary Shares”) upon the Closing, shall be subject to transfer restrictions set forth in the Sponsor Earnout Agreement (the “Sponsor Transfer Restrictions”) and shall vest and be released from such restriction only if certain price targets are achieved during the 2-year period following the Closing (the “Earnout Period”).

The Sponsor Earnout Agreement provided that the Earnout Founder Shares shall vest and shall no longer be subject to the Sponsor Transfer Restrictions as follows:

●100% of the Earnout Founder Shares will vest and shall no longer be subject to the Sponsor Transfer Restrictions if the closing price of the Pubco Stock equals or exceeds $10.21 per share (as may be adjusted) for any 20 trading days within any consecutive 30-trading day period during the Earnout Period (the “Share Price Trigger Event”).

●100% of the Earnout Founder Shares will vest and shall no longer be subject to the Sponsor Transfer Restrictions if the BTC VWAP (as defined below) equals or exceeds $140,000 during any five-day period during the Earnout Period (the “BTC Price Trigger Event”).

In the event that neither a Share Price Trigger Event nor a BTC Price Trigger Event has occurred on or prior to the second anniversary of the Closing Date, then, subject to the terms and conditions of the Sponsor Earnout Agreement, on such second anniversary, 100% of the Earnout Founder Shares will vest and will no longer be subject to the Sponsor Transfer Restrictions.

Notwithstanding the foregoing, in the event that during the Earnout Period, the Company is subject to a change of control and the implied consideration per share of Pubco Stock pursuant to which the Company or its stockholders have the right to receive in such change of control equals or exceeds $10.21 (or the equivalent fair market value thereof, as determined by the board of directors of the Company following the Closing in good faith, in the event of any non-cash consideration), then, all of the Earnout Founder Shares that have not previously vested will vest and shall no longer be subject to the Sponsor Transfer Restrictions.

“BTC VWAP” means the dollar volume-weighted average price for Bitcoin (BTC) during any one hundred twenty (120)-hour period ending at the time of determination, as reported by Bloomberg through its “VAP” function for “XBTUSD BGN Currency” (or such other comparable calculation methodology as the Disinterested Independent Directors (as defined in the Sponsor Earnout Agreement) may determine in good faith if such Bloomberg function is no longer available). If the BTC VWAP cannot be calculated for Bitcoin (BTC) on such date on any of the foregoing bases, the BTC VWAP of Bitcoin (BTC) on such date shall be the fair market value as determined by the Disinterested Independent Directors of the Company acting in good faith. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

Effective December 3, 2025, the Company and Seller entered into an agreement (the “Seller Earnout Agreement”), providing that 9,500,000 shares of Pubco Stock (such shares subject to earnout, the “Earnout Seller Shares”), representing all of the shares of Pubco Stock otherwise issuable to the Seller upon the Closing, shall be subject to the transfer restrictions set forth in the Seller Earnout Agreement (the “Seller Transfer Restrictions”) and shall vest and be released from such restriction only if certain price targets are achieved during the Earnout Period. The Seller Earnout Agreement provides that the Earnout Seller Shares shall vest and shall no longer be subject to the Seller Transfer Restrictions as follows:

●100% of the Earnout Seller Shares will vest and shall no longer be subject to the Seller Transfer Restrictions upon a Share Price Trigger Event.

●100% of the Earnout Seller Shares will vest and shall no longer be subject to the Seller Transfer Restrictions upon a BTC Price Trigger Event.

In the event that neither a Share Price Trigger Event nor a BTC Price Trigger Event has occurred on or prior to the second anniversary of the Closing Date, then, subject to the terms and conditions of the Seller Earnout Agreement, on such second anniversary, 100% of the earnout shares will vest and shall no longer be subject to the Seller Transfer Restrictions.

Notwithstanding the foregoing, in the event that during the Earnout Period, the Company is subject to a change of control and the implied consideration per share of Pubco Stock pursuant to which the Company or its stockholders have the right to receive in such change of control equals or exceeds $10.21 (or the equivalent fair market value thereof, as determined by the board of directors of the Company following the Closing in good faith, in the event of any non-cash consideration), then, all of the Earnout Seller Shares that have not previously vested shall vest and shall no longer be subject to the Seller Transfer Restrictions.

Put Option Derivative Liability

On December 23, 2025 and December 24, 2025, ProCap Financial, Inc. entered into Bitcoin put option contracts with FalconX that obligate ProCap to buy Bitcoin at a fixed strike price if exercised by the counterparty on the January 30, 2026 expiration date. The aggregate premium for the put option contracts was $534,500, which constitute freestanding derivative instruments and are recorded as a derivative liability on the consolidated balance sheet. The Company does not hedge the put option derivative liability on the consolidate balance sheet and therefore the Company is exposed to market risks related to Bitcoin prices and liquidity risks regarding potential cash flow if the option is exercised.

As of December 31, 2025, the fair value of the put option contracts was $428,236, and ProCap recognized a $106,264 change in fair value of derivative securities in other income (expense) on the consolidated statement of operations.

Pursuant to the terms of the put option agreements, ProCap was required to post cash collateral to support its obligations under the contracts. As of December 31, 2025, ProCap had $4,645,780 of cash collateral held in a tri-party custodial agreement with BitGo, which is presented as restricted cash on the consolidated balance sheet. The posted collateral is not netted against the fair value of the put option liability.

The following table details the terms of the option transactions:

Schedule of Option Transactions

	December 23, 2025 option transaction		December 24, 2025 option transaction
Strike price	$	75,000	$	75,000
Put currency		200 BTC		430 BTC
Settlement		Deliverable		Deliverable

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statement of Cash Flows	6 Months Ended
Consolidated Statement of Cash Flows	Dec. 31, 2025 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (28,975,504)
Adjustments to reconcile net loss to net cash used in operations:
Change in fair value of digital assets	25,005,384
Change in fair value of derivative securities liability	(106,264)
Change in fair value of conversion feature -preferred units	(56,298,500)
Change in fair value of convertible note conversion feature	(2,350,290)
Realized loss on sale of digital assets	54,463,684
Stock based compensation	442,043
Depreciation	32,469
Amortization of discount and debt issuance costs on Convertible Notes	534,054
Changes in operating assets and liabilities:
Accounts receivable	(45,000)
Prepaid expenses	(1,879,466)
Other current assets	(257,389)
Accounts payable and accrued expenses	1,829,984
Deferred revenue	1,000
Due to related party	111,981
CASH USED IN OPERATING ACTIVITIES	(7,491,814)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of digital assets	(983,296,700)
Proceeds from sale of digital assets	462,036,316
Purchase of fixed assets	(84,582)
CASH USED IN INVESTING ACTIVITIES	(521,344,966)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from promissory note, related party	1,777,581
Payments of promissory note, related party	(1,889,562)
Proceeds from Convertible Notes, net of debt discount	227,950,000
Payment of debt issuance costs	(9,682,916)
Proceeds from derivative securities	534,500
Proceeds from reverse recapitalization, net	12,190,671
Purchase of treasury stock	(2,846,627)
Proceeds from sale of preferred units, net	487,507,479
Proceeds from sale of preferred units by related party	8,157,113
CASH PROVIDED BY FINANCING ACTIVITIES	723,698,239
NET CHANGE IN CASH AND RESTRICTED CASH	194,861,459
Cash, cash equivalents and restricted cash, beginning of period
Total cash, cash equivalents, and restricted cash	194,861,459
Cash	19,973,574
Cash equivalents	25,002,553
Restricted cash	149,885,332
Supplemental disclosure of non-cash activities:
Conversion of due to related party to a promissory note, related party	111,981
Initial recognition of conversion feature liability - convertible notes	4,629,230
Conversion of preferred units to common stock	56,298,500
Issuance of common units pursuant to the Investment Consulting and Marketing Services Agreement, as recasted	$ 10,000

Schedule of Computation of Basic and Dilutive Net Loss Per Share (Details)	6 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Accounting Policies [Abstract]
Net loss \| $	$ (28,975,504)
Weighted average number of shares of common stock outstanding, basic \| shares	73,685,031
Weighted average number of shares of common stock outstanding, diluted \| shares	73,685,031
Net loss per common stock, basic \| $ / shares	$ (0.39)
Net loss per common stock, diluted \| $ / shares	$ (0.39)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Schedule of Roll Forward Derivatve Liability (Details) - Derivative Financial Instruments, Liabilities [Member]	6 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
As of June 17, 2025 (inception)
Initial value as of June 23, 2025	56,298,500
Settlement of Derivative	(56,298,500)
Balance at December 31, 2025

Recapitalization (Tables)

6 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Business Combination to the Consolidated Statement of Changes in Equity

The following table reconciles the elements of the Business Combination to the consolidated statement of changes in stockholders’ equity for the year ended December 31, 2025:


Cash - trust and cash, net of redemptions	$	15,992,015
Less: transaction expenses paid		(3,790,701	)
Net proceeds from the Business Combination		12,201,314

Assets (liabilities) assumed from the SPAC:
Cash		64,357
Accrued offering costs		(75,000	)
Reverse recapitalization, net	$	12,190,671

Schedule of Pubco Stock Issued

The number of shares of Pubco Stock issued immediately following the consummation of the Business Combination were:

Schedule of Pubco Stock Issued

Columbus Circle Capital Corp I public shares outstanding prior to the Business Combination	25,000,000
Less: Redemption of Columbus Circle Capital Corp I ordinary shares	(23,434,229	)
Columbus Circle Capital Corp I public shares	1,565,771
Columbus Circle Capital Corp I founder shares outstanding	8,333,333
Columbus Circle Capital Corp I private placement shares outstanding	265,000
Columbus Circle Capital Corp I representative shares outstanding	440,000
Business combination shares – ProCap common shares after conversation ratio	74,562,500
Common stock available immediately after the Business Combination	85,166,604

Schedule of ProCap Shares Details

The number of ProCap shares was determined as follows:

Schedule of ProCap Shares Details

	ProCap units		ProCap common shares after conversion ratio
Common		10,000,000		10,000,000
Preferred		51,650,000		64,562,500
		61,650,000		74,562,500

Income Taxes (Tables)

6 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory rate to the Company’s effect income tax rate is as follows:

	As of December 31, 2025

U.S. federal statutory rate		21.0	%

Change in fair value of conversion feature		40.8	%

Change in valuation allowance		(61.8	)%
Provision (benefit) for income taxes		0.0	%

Schedule of Deferred Income Tax Assets and Liabilities

GAAP requires deferred income tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Significant components of net deferred tax assets (liabilities) at December 31, 2025 are as follows:

	As of December 31, 2025
Deferred Tax Asset (Liability)

Stock Based Compensation	$	92,829
Change in Fair Value of Digital Assets		5,251,131
Interest expense, net		57,564
NOL - Federal		13,021,839
Change in Fair Value of Convertible Note Conversion Feature		(493,561	)
Change in Fair Value of Derivative Securities		(22,315	)
Net operating losses		17,907,487
Valuation Allowance		(17,907,487	)
Deferred Tax Asset (Liability)	$	-

Valuation Allowance Roll Forward

Deferred:	As of December 31, 2025
US Federal expense (benefit)	$	(17,907,487	)
State and local expense (benefit)		-
Change in valuation allowance		17,907,487
Total	$	-

Cover - USD ($)	6 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	001-42995
Entity Registrant Name	PROCAP FINANCIAL, INC.
Entity Central Index Key	0002076163
Entity Tax Identification Number	39-2767031
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	600 Lexington Avenue
Entity Address, Address Line Two	Floor 2
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(305)
Local Phone Number	938-0912
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		83,422,775
Documents Incorporated by Reference [Text Block]	Certain portions of the registrant’s definitive proxy statement to be filed in connection with the registrant’s 2026 annual general meeting of shareholders are incorporated by reference into Part III of this Form 10-K. The registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Listing, Par Value Per Share	$ 0.001
Auditor Firm ID	206
Auditor Name	MaloneBailey, LLP
Auditor Location	Houston, Texas
Inception date	Jun. 17, 2025
Common Stock Par Value 0.001 Per Share [Member]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRR
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	BRRWW
Security Exchange Name	NASDAQ

- Details

Name:	us-gaap_StatementClassOfStockAxis=BRR_RedeemableWarrantsEachWholeWarrantExercisableForOneShareOfCommonStockAtExercisePriceOf11.50PerShareMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

Share-Based Compensation (Details Narrative) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Dec. 31, 2025 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock units, granted \| shares	8,220,000
Unrecognized compensation cost	$ 17,058,191
Stock based compensation expense	$ 442,043
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost remaining vesting period	2 years 1 month 6 days
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost remaining vesting period	3 years 11 months 4 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Schedule of Convertible Note (Details) (Parenthetical)		6 Months Ended
Schedule of Convertible Note (Details) (Parenthetical)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Convertible debt original issue discount	$ 7,050,000
Fair value of derivative	4,629,230	$ 4,629,230
Accumulated amortization	291,981	291,981
Payment of debt issuance costs		9,682,916
Accumulated amortization	$ 242,073	$ 242,073

Fixed Assets (Tables)

6 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consist of the following:

Schedule of Fixed Assets

	December 31, 2025
Furniture and equipment	$	9,533
Leasehold improvements		75,049
		84,582
Less: accumulated depreciation		(32,469	)
Total fixed assets, net	$	52,113

Recapitalization

6 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Recapitalization

Note 4. Recapitalization

As discussed in Note 1, “Organization,” on December 5, 2025, the Company completed the Business Combination contemplated by the Business Combination Agreement dated June 23, 2025, by and among CCCM, SPAC Merger Sub, Company Merger Sub, ProCap BTC and the Seller, pursuant to which (i) SPAC Merger Sub merged with and into CCCM, with CCCM continuing as the surviving entity (the “SPAC Merger”) and (ii) Company Mer Sub merged with and into ProCap, with ProCap continuing as the surviving company (the “Company Merger”).

At the Closing, pursuant to the Business Combination Agreement and after giving effect to the redemption of shares of CCCM ordinary shares:

1. As consideration for the Company Merger, Seller and Jeffrey Park, who were holders of all the common units of ProCap, received 10,000,000 shares of common stock, par value $0.001 per share of the Company (“Pubco Stock”) (the “Common Merger Consideration Shares”). As consideration for the Company Merger, holders of the non-voting preferred units of ProCap received an aggregate number of Pubco Stock equal to the product of (A) the number of preferred units outstanding prior to the Company Merger multiplied by (B) 1.25, or 64,562,500 shares.

2. As consideration for the SPAC Merger, holders of shares of CCCM immediately prior to the SPAC Merger received 10,604,104 shares of Pubco Stock (“SPAC Consideration Shares”).

Although CCCM was the legal acquirer of ProCap in the merger, ProCap is deemed to be the accounting acquirer, and the historical financial statements of ProCap became the basis for the historical financial statements of the Company upon the closing of the merger. ProCap was determined to be the accounting acquirer based on an evaluation of the following facts and circumstances:

	●	ProCap’s current shareholders will hold a majority of the voting power of the Company post Business Combination;
	●	The Company Board consists of five individuals, one of which was elected by CCCM and four of which were elected by ProCap;

	●	ProCap’s operations substantially comprise the ongoing operations of the Company; and
	●	ProCap’s senior management comprises the senior management of the Company.

In accordance with the guidance applicable to these circumstances, the equity structure has been restated in all comparable periods up to December 5, 2025, to reflect the number of shares of the Company’s common stock, $0.001 par value per share, issued to ProCap’s stockholders in connection with the merger. As such, the shares and corresponding capital amounts and earnings per share related to ProCap’s units prior to the merger have been retroactively restated as shares reflecting the exchange ratio established in the merger.

The following table reconciles the elements of the Business Combination to the consolidated statement of changes in stockholders’ equity for the year ended December 31, 2025:


Cash - trust and cash, net of redemptions	$	15,992,015
Less: transaction expenses paid		(3,790,701	)
Net proceeds from the Business Combination		12,201,314

Assets (liabilities) assumed from the SPAC:
Cash		64,357
Accrued offering costs		(75,000	)
Reverse recapitalization, net	$	12,190,671

The number of shares of Pubco Stock issued immediately following the consummation of the Business Combination were:

Schedule of Pubco Stock Issued

Columbus Circle Capital Corp I public shares outstanding prior to the Business Combination	25,000,000
Less: Redemption of Columbus Circle Capital Corp I ordinary shares	(23,434,229	)
Columbus Circle Capital Corp I public shares	1,565,771
Columbus Circle Capital Corp I founder shares outstanding	8,333,333
Columbus Circle Capital Corp I private placement shares outstanding	265,000
Columbus Circle Capital Corp I representative shares outstanding	440,000
Business combination shares – ProCap common shares after conversation ratio	74,562,500
Common stock available immediately after the Business Combination	85,166,604

The number of ProCap shares was determined as follows:

Schedule of ProCap Shares Details

	ProCap units		ProCap common shares after conversion ratio
Common		10,000,000		10,000,000
Preferred		51,650,000		64,562,500
		61,650,000		74,562,500

Public and private placement warrants

The 12,500,000 public warrants issued at the time of CCCM’s initial public offering (the “Public Warrants”) and the 352,500 warrants issued in connection with the private placement at the time of CCCM’s initial public offering (the “Private Placement Warrants”) remained outstanding and became warrants for the Company.

Redemption

Prior to the closing of the Business Combination, certain CCCM shareholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 23,434,229 ordinary shares of CCCM for an aggregate payment of $239,345,691.

Revenue from Contracts with Customers

6 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 10. Revenue from Contracts with Customers

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized when control of promised services is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services.

The Company provides digital advertising and marketing services, including weekly audio, video, and social media placements. These services represent a single performance obligation satisfied over time, as customers simultaneously receive and consume the benefits of the services as they are delivered. The Company uses a time-elapsed (straight-line) measure of progress for arrangements in which services are provided evenly throughout the contract term.

Customer payments are typically due upfront or within 30 days of service commencement. Consideration is generally fixed, and the Company does not have material variable consideration, noncash consideration, or significant financing components.

Significant Judgments

Significant judgments affecting the amount and timing of revenue recognition include:

	●	Identification of performance obligations: Digital advertising services are determined to be a single performance obligation under the series guidance in ASC 606-10-25-14(b).
	●	Measure of progress: Straight-line recognition is applied because services are delivered evenly over the contract period.
	●	Assessment of collectability: The Company evaluates customer creditworthiness at contract inception and throughout the arrangement.

Costs to Obtain or Fulfill a Contract

The Company does not incur incremental costs to obtain contracts (such as sales commissions). Costs to fulfill a contract are not capitalized because such costs are either immaterial or do not meet the criteria under ASC 340-40.

Remaining Performance Obligations

As of December 31, 2025 , the Company’s remaining performance obligations under non-cancelable contracts were $1,000, all of which are expected to be recognized as revenue within the next 6 months. The Company applies the practical expedient in ASC 606-10-50-14(a) for contracts with an original duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Schedule of Disaggregation of Interest Expense (Details)	6 Months Ended
	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Debt discount amortization	$ 291,981
Debt issuance cost amortization	242,073
Interest expense	$ 534,054

Commitments and Contingencies (Details Narrative) - USD ($)				6 Months Ended
	Dec. 31, 2025	Dec. 05, 2025	Dec. 03, 2025	Dec. 31, 2025	Dec. 24, 2025	Dec. 23, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Services agreement effective date				4 years
Receive aggregate common units	10,000,000			10,000,000
Shares issued for services, value
Conversion of stock shares converted		76.9
Premium put option contracts					$ 534,500	$ 534,500
Fair value of put option contracts	$ 428,236			428,236
Fair value of sold put option liability	106,264			$ 106,264
Derivative security	$ 4,645,780
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued for services, shares				10,000,000
Shares issued for services, value				$ 10,000
Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued for services, value
Business Combination Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued for services, shares				10,000,000
Business Combination Agreement [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued for services, value				$ 10,000
Preferred Equity Subscription Agreement [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of stock shares converted				64,562,500
Preferred Equity Subscription Agreement [Member] \| Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of shares				51,650,000
Purchase of shares. price per share	$ 10.00			$ 10.00
Purchase of shares. value				$ 516,500,000
Sponsor Earnout Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued			8,333,333
Share price trigger event description			100% of the Earnout Founder Shares will vest and shall no longer be subject to the Sponsor Transfer Restrictions if the closing price of the Pubco Stock equals or exceeds $10.21 per share (as may be adjusted) for any 20 trading days within any consecutive 30-trading day period during the Earnout Period
BTC price trigger event description			100% of the Earnout Founder Shares will vest and shall no longer be subject to the Sponsor Transfer Restrictions if the BTC VWAP (as defined below) equals or exceeds $140,000 during any five-day period during the Earnout Period
Stock price per share	10.21			$ 10.21
Seller Earnout Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued			9,500,000
Share price trigger event description			100% of the Earnout Seller Shares will vest and shall no longer be subject to the Seller Transfer Restrictions upon a Share Price Trigger Event.
BTC price trigger event description			100% of the Earnout Seller Shares will vest and shall no longer be subject to the Seller Transfer Restrictions upon a BTC Price Trigger Event.
Stock price per share	$ 10.21			$ 10.21

Schedule of Computation of Net Loss Per Common Stock (Details)	6 Months Ended
	Dec. 31, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	39,144,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,852,500
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,220,000
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	18,071,500

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Computation of Basic and Dilutive Net Loss Per Share

The computation of basic and dilutive net loss per share for the period from June 17, 2025 (inception) through December 31, 2025 are as follows:

	For the period from June 17, 2025 (inception) through December 31, 2025

Numerator:
Net loss	$	(28,975,504	)

Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		73,685,031
Net loss per common stock, basic and diluted	$	(0.39	)

Schedule of Computation of Net Loss Per Common Stock

As of December 31, 2025, common stock equivalents not included in the computation of net loss per share because their effect would be antidilutive included the following:


Warrants (see Note 12)			12,852,500
RSUs (see Note 13)			8,220,000
Convertible Notes (see Note 8)			18,071,500
Total			39,144,000

Segment Information

6 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 16. Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating officer decision maker (“CODM”) has been identified as the Chief Executive Officer, who uses cash flows as the primary measure to manage the business and does not segment the business for internal reporting or decision making. Accordingly, management has determined that there is only one reportable segment.

Additionally, the CODM reviews the fair market value of Bitcoin to measure and monitor value and determine the most effective strategy of investment.

Schedule of Fair Value of Bitcoin

As of

December 31, 2025

Digital Assets

441,791,316

The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the consolidated statements of operations as net loss. As the Company is in the start-up phase, the CODM currently reviews general and administrative expenses to manage and forecast cash to ensure enough capital is available to achieve its business plan over the short-term period (ie less than a year). The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on the consolidated statement of operations, are the significant segment expenses provided to the CODM on a regular basis.

Schedule of Segment Expenses

For the period from

June 17, 2025

(inception) to

December 31, 2025

General and administrative

7,630,335

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Organization

6 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Description of Business

Procap Financial, Inc, together with its subsidiaries (collectively, the “Company” or “ProCap” or “Pubco”), formerly known as Columbus Circle Capital Corp I (“CCCM”), was incorporated in Delaware on June 17, 2025. The Company has two wholly owned subsidiaries, ProCap BTC, LLC and Columbus Circle Capital Corp I. The Company holds Bitcoin as its primary treasury reserve asset.

On December 5, 2025, the Company completed the business combination (the “Business Combination”) contemplated by the business combination agreement (the “Business Combination Agreement” and, together with the convertible note financing, the “Transactions”) by and among CCCM, ProCap, Crius SPAC Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“SPAC Merger Sub”), Crius Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Company Merger Sub”), ProCap BTC, LLC, a Delaware limited liability company (“ProCap BTC”) and Inflection Points Inc d/b/a Professional Capital Management, a Delaware corporation (the “Seller”).

The Business Combination was accounted for as a reverse recapitalization in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). Under this method of accounting, although CCCM acquired the outstanding equity of the Company in the Business Combination, CCCM was treated as the “acquired company” and ProCap was treated as the accounting acquirer for financial statement purposes. Accordingly, the Business Combination was treated as the equivalent of ProCap issuing stock for the net assets of CCCM, accompanied by a recapitalization. The net assets of CCCM are stated at historical cost, with no goodwill or other intangible assets recorded.

Furthermore, the historical financial statements of ProCap became the historical financial statements of the Company upon the consummation of the merger. As a result, the financial statements included in this Annual Report reflect (i) the historical operating results of ProCap and Procap BTC prior to the merger; (ii) the combined results of CCCM and ProCap following the close of the merger; (iii) the assets and liabilities of CCCM at their historical cost and (iv) ProCap’s equity structure for all periods presented, as affected by the recapitalization presentation after completion of the merger. See Note 4 - Recapitalization for further details of the merger.

Prepaid Expenses and Other Current Assets

6 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Note 6. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

Prepaid expenses:	December 31, 2025
Prepaid insurance	$	1,812,891
Prepaid expenses - current		50,325
Total prepaid expenses - current	$	1,863,216

Prepaid expenses - non-current	$	16,250

Other current assets:
Interest receivable	$	257,389

Share-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2025

Schedule of Restricted Stock Unit

Schedule of Activity Restricted Stock Units

The table below presents the summary of activity with respect to, and status of restricted stock units for the period from June 17, 2025 (inception) through December 31, 2025:

	Number of Restricted Stock Units			Weighted Average Grant Date Value
Unvested as of June 17, 2025		-			-
Granted		8,220,000		$	2.13
Forfeited		-			-
Vested		(201,586	)	$	2.11
Unvested as of December 31, 2025		8,018,414		$	2.13

- Definition

Disclosure of information about share-based payment arrangement.

+ References

+ Details

Related Party Transactions (Details Narrative) - USD ($)			6 Months Ended
	Oct. 01, 2025	Jun. 30, 2025	Dec. 31, 2025	Oct. 05, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from related party debt			$ 1,777,581
Repayments of related party debt			1,889,562
Rent payments	$ 19,600		58,800
Promissory Notes Payable [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other liabilities			111,981
Outstanding balance promissory note			$ 0
Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Related party debt, principal amount		$ 1,000,000
Second Amended [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Promissory note principal				$ 2,000,000
Preferred Equity Subscription Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of shares			850,000
Purchase of shares, value			$ 8,500,000
Services Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of shares			10,000,000

Schedule of Roll Forward Convertible Notes (Details) - Convertible Notes Payable [Member]	6 Months Ended
	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
As of June 17, 2025 (inception)
Initial value at December 5, 2025	4,629,230
Change in fair value	(2,350,290)
Balance at December 31, 2025	$ 2,278,940

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt

6 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Note 8. Debt

In connection with the execution of the Business Combination Agreement, on June 23, 2025, certain qualified investors (the “Convertible Note Investors”) each entered into a subscription agreement (collectively, the “Convertible Note Subscription Agreements”), with ProCap and CCCM. On December 5, 2025, upon the Closing of the Business Combination, the Convertible Note Investors purchased convertible notes issued by the Company (“Convertible Notes”) in an aggregate principal amount of $235,000,000, for an aggregate purchase price equal to 97% of the aggregate principal amount of the Convertible Notes. The Convertible Notes have a conversion rate of 76.9 shares per $1,000 equal to an approximately $13.00 conversion price, zero interest rate, maturity of up to 36 months, and are collateralized by cash, cash equivalents and certain Bitcoin assets. Under the indenture associated with the Convertible Notes, the Company has up to 30 days from the closing of the Business Combination to 1.0:1.0 times collateralize the Convertible Notes using a mix of Bitcoin (with Bitcoin being valued at 50% for collateral calculation purposes), cash and cash equivalents (with cash and cash equivalents being valued at 100% for collateral calculation purposes). This note has an effective interest rate of 9.09%. U.S. Bank National Trust, N.A. (“US Bank”) serves as collateral agent and trustee with regard to the Convertible Notes and associated indenture and security arrangements. As of December 31, 2025, the Company had $145,239,552 on deposit at US Bank.

Each Convertible Note Investor may, at its option, convert each $1,000 principal amount of their Convertible Note into a number of shares of common stock equal to the conversion rate in effect on the conversion date, cash, or a combination of common stock and cash at any time from the issue date until the close of business on the second scheduled trading date immediately before the maturity date. The embedded conversion of the Convertible Notes meets the criteria for bifurcation and is recognized as a separate derivative instrument.

If an event of default occurs, then the principal amounts on all the Convertible Notes then outstanding will immediately become due and payable.

The table below summarizes the outstanding Convertible Notes as of December 31, 2025, including the effects of discounts and debt issuance costs:

Schedule of Convertible Note

	December 31, 2025
Convertible Notes due 2028	$	235,000,000
Discount, net (1)		(11,387,249	)
Debt issuance costs, net (2)		(9,440,843	)
Convertible Notes, net	$	214,171,908

(1)

Discount as of December 31, 2025 consisted of $7,050,000 of original issue discount and $4,629,230 for the fair value of the embedded derivative less accumulated amortization of $291,981.

(2)

Debt issuance costs as of December 31, 2025 consisted of $9,682,916 in debt issuance costs less accumulated amortization of $242,073.

The table below reflects the principal amount of loan maturities due over the next five years as of December 31, 2025:

Schedule of Loan Maturities

	5-Year Loan Maturities Fiscal Year
	2026		2027		2028		2029		2030		Total
2028 Convertible Notes	$	-	$	-	$	235,000,000	$	-	$	-	$	235,000,000

The table below presents the disaggregation of interest expense for the period from June 17, 2025 (inception) through December 31, 2025:

	For the period from June 17, 2025 (inception) through December 31, 2025
Debt discount amortization	$	291,981
Debt issuance cost amortization		242,073
Interest expense	$	534,054

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Details Narrative)	Dec. 31, 2025 USD ($)
Class of Warrant or Right [Line Items]
Federally insured limits	$ 144,989,552
Accounts held	24,430,101
Cash equivalents money market treasury funds	25,002,553
Restricted cash	149,885,332
Convertible note payable	145,239,552
Derivative security	4,645,780
Accounts receivable	$ 45,000
Interest rate	9.00%
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 12,500,000
Private Placement [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	$ 352,500

Consolidated Balance Sheet	Dec. 31, 2025 USD ($)
Current assets
Cash	$ 19,973,574
Cash equivalents	25,002,553
Restricted cash	149,885,332
Accounts receivable	45,000
Prepaid expenses, current	1,863,216
Other current assets	257,389
Total current assets	197,027,064
Digital assets	441,791,316
Fixed assets, net	52,113
Prepaid expenses, non-current	16,250
TOTAL ASSETS	638,886,743
Current liabilities
Accounts payable and accrued expenses	1,829,984
Derivative securities liabilities	428,236
Deferred revenue	1,000
Total current liabilities	2,259,220
Long-term liabilities
Conversion feature liability - convertible notes	2,278,940
Convertible Notes, net	214,171,908
TOTAL LIABILITIES	218,710,068
STOCKHOLDERS’ EQUITY
Preferred stock; 50,000,000 authorized shares; no shares issued and outstanding as of December 31, 2025
Common stock; $0.001 par value, 550,000,000 authorized shares; 85,166,604 shares issued and 84,327,208 shares outstanding as of December 31, 2025	85,167
Additional paid-in capital	451,913,639
Treasury stock, at cost, 839,396 shares	(2,846,627)
Accumulated deficit	(28,975,504)
Total stockholders’ equity	420,176,675
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 638,886,743

Fair Value Measurements

6 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11. Fair Value Measurements

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of December 31, 2025:

	Fair value measured at December 31, 2025
	Total fair value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Assets:
Digital assets	$	441,791,316	$	441,791,316	$	-	$	-
Liabilities:
Derivative securities liabilities	$	428,236	$	-	$	-	$	428,236
Conversion feature liability - convertible notes	$	2,278,940	$	-	$	-	$	2,278,940

Digital Assets

In determining the fair value of its Bitcoin investments, the Company uses quoted prices as determined by utilizing Coinbase closing prices at midnight UTC. As such, the Company’s digital assets were determined to be Level 1 assets.

Conversion Feature Liability - Convertible Notes

In determining the fair value of Conversion Feature Liability, the Company utilized the Black-Scholes pricing model which is considered to be Level 3 liability. The key inputs are presented in the table below:

	As of December 5, 2025 (Initial)			As of December 31, 2025
Strike price	$	13.00		$	13.00
Stock price	$	4.36		$	3.53
Volatility		45.0	%		45.0	%
Remaining term (in years)		3.00			3.00
Risk-free rate		3.53	%		3.49	%

The following table presents a roll-forward of the Convertible Note Conversion Feature Liability for the period from June 17, 2025 (inception) through December 31, 2025

	Conversion feature
	liability - convertible notes
As of June 17, 2025 (inception)	$	-
Initial value at December 5, 2025		4,629,230
Change in fair value		(2,350,290	)
Balance at December 31, 2025	$	2,278,940

Derivative Liability - Preferred Units

In determining the fair value of the Derivative Liability - Preferred Units, the Company utilized the Black-Scholes pricing model which is considered to be a Level 3 liability. The key inputs are presented in the table below:

	As of June 23, 2025 (Initial)
Strike price - Preferred unit	$	11.94
Stock price	$	10.79
Volatility		47.6	%
Remaining term (in years)		0.5
Risk-free rate		4.29	%

The following table presents a roll-forward of the Derivative Liability – Preferred Units for the period from June 17, 2025 (inception) through December 31, 2025:

	Preferred Units
	Derivative Liability
As of June 17, 2025 (inception)	$	-
Initial value as of June 23, 2025		56,298,500
Settlement of Derivative		(56,298,500	)
Balance at December 31, 2025	$	-

Derivative Securities Liabilities

When quoted market prices are not available, fair value is determined using a market-participant-based option pricing model. The Company utilizes a Black-76 valuation model to determine the fair value of BTC put options leveraging calibrated Bitcoin forward curves and volatility surfaces daily at 4:00 PM ET using executable bid-offer prices and futures data sourced from Deribit. These calibrated inputs are applied across option strikes and maturities to derive fair-market pricing.

The following table presents a roll-forward of the derivative securities liability for the period from June 17, 2025 (inception) through December 31, 2025:

	Fair value
As of June 17, 2025 (inception)	$	-
Premiums received on sold BTC put options		534,500
Net change in fair value recognized in earnings		(106,264	)
Settlements / expirations		-
Fair value as of December 31, 2025	$	428,236

See Note 3 above for a description of the Company’s accounting policies.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases

6 Months Ended

Dec. 31, 2025

Leases

Leases

Note 17. Leases

The Company leases its office facility under a month-to month operating lease arrangement. The Company has elected the short-term lease practical expedient under ASC 842 for this lease and therefore does not recognize a right-of-use asset or lease liability on the consolidated balance sheet for this arrangement.

Lease expense for this month-to month lease is recognized on a straight-line basis and were $19,600 per month for the period from October 2025 to December 2025. Because the lease is cancellable at any time with no significant penalty, the Company is not committed to future minimum lease payments beyond the monthly term.

Leases (Details Narrative)	3 Months Ended
Leases (Details Narrative)	Dec. 31, 2025 USD ($)
Leases
Lease cost	$ 19,600

Commitments and Contingencies (Tables)

6 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Option Transactions

The following table details the terms of the option transactions:

Schedule of Option Transactions

	December 23, 2025 option transaction		December 24, 2025 option transaction
Strike price	$	75,000	$	75,000
Put currency		200 BTC		430 BTC
Settlement		Deliverable		Deliverable

Segment Information (Details Narrative)	6 Months Ended
Segment Information (Details Narrative)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Segment reporting CODM description	The Company’s chief operating officer decision maker (“CODM”) has been identified as the Chief Executive Officer, who uses cash flows as the primary measure to manage the business and does not segment the business for internal reporting or decision making. Accordingly, management has determined that there is only one reportable segment.
Number of reportable segments	1

Schedule of Key Input Measurement For Fair Value (Details) - Integer			6 Months Ended
	Dec. 05, 2025	Jun. 23, 2025	Dec. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Remaining term	36 months
Fair Value, Inputs, Level 3 [Member] \| Measurement Input Strike Price [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input	13.00		13.00
Fair Value, Inputs, Level 3 [Member] \| Measurement Input Strike Price [Member] \| Deriviative Liability Preferred Units [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input		11.94
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Share Price [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input	4.36		3.53
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Share Price [Member] \| Deriviative Liability Preferred Units [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input		10.79
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Price Volatility [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input	0.450		0.450
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Price Volatility [Member] \| Deriviative Liability Preferred Units [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input		0.476
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Expected Term [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Remaining term	3 years		3 years
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Expected Term [Member] \| Deriviative Liability Preferred Units [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Remaining term		6 months
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Risk Free Interest Rate [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input	0.0353		0.0349
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Risk Free Interest Rate [Member] \| Deriviative Liability Preferred Units [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Measurement input	0.0429

Schedule of Restricted Stock Unit (Details)	Dec. 31, 2025 $ / shares shares
Restricted Stock Units R S U One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 15.00
Restricted Stock Units R S U Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 17.50
Restricted Stock Units R S U Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 20.00
Restricted Stock Units R S U Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 22.50
Restricted Stock Units R S U Five [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 25.00
Restricted Stock Units R S U Six [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 27.50
Restricted Stock Units R S U Seven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 30.00
Restricted Stock Units R S U Eight [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 32.50
Restricted Stock Units R S U Nine [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 35.00
Restricted Stock Units R S U Ten [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 37.50
Restricted Stock Units R S U Eleven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 40.00
Restricted Stock Units R S U Twelve [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 42.50
Restricted Stock Units R S U Thirteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 45.00
Restricted Stock Units R S U Fourteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 47.50
Restricted Stock Units R S U Fifteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 50.00

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2025

Short-Term Debt [Line Items]

Schedule of Assets and Liabilities Measured at Fair Value

	Fair value measured at December 31, 2025
	Total fair value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Assets:
Digital assets	$	441,791,316	$	441,791,316	$	-	$	-
Liabilities:
Derivative securities liabilities	$	428,236	$	-	$	-	$	428,236
Conversion feature liability - convertible notes	$	2,278,940	$	-	$	-	$	2,278,940

Schedule of Roll Forward Convertible Notes

The following table presents a roll-forward of the Convertible Note Conversion Feature Liability for the period from June 17, 2025 (inception) through December 31, 2025

	Conversion feature
	liability - convertible notes
As of June 17, 2025 (inception)	$	-
Initial value at December 5, 2025		4,629,230
Change in fair value		(2,350,290	)
Balance at December 31, 2025	$	2,278,940

Schedule of Roll Forward Derivatve Liability

The following table presents a roll-forward of the Derivative Liability – Preferred Units for the period from June 17, 2025 (inception) through December 31, 2025:

	Preferred Units
	Derivative Liability
As of June 17, 2025 (inception)	$	-
Initial value as of June 23, 2025		56,298,500
Settlement of Derivative		(56,298,500	)
Balance at December 31, 2025	$	-

Schedule of Roll Forward Derivative Liability, Put Option

The following table presents a roll-forward of the derivative securities liability for the period from June 17, 2025 (inception) through December 31, 2025:

	Fair value
As of June 17, 2025 (inception)	$	-
Premiums received on sold BTC put options		534,500
Net change in fair value recognized in earnings		(106,264	)
Settlements / expirations		-
Fair value as of December 31, 2025	$	428,236

Convertible Notes Payable [Member]

Short-Term Debt [Line Items]

Schedule of Key Input Measurement For Fair Value

	As of December 5, 2025 (Initial)			As of December 31, 2025
Strike price	$	13.00		$	13.00
Stock price	$	4.36		$	3.53
Volatility		45.0	%		45.0	%
Remaining term (in years)		3.00			3.00
Risk-free rate		3.53	%		3.49	%

Deriviative Liability Preferred Units [Member]

Short-Term Debt [Line Items]

Schedule of Key Input Measurement For Fair Value

	As of June 23, 2025 (Initial)
Strike price - Preferred unit	$	11.94
Stock price	$	10.79
Volatility		47.6	%
Remaining term (in years)		0.5
Risk-free rate		4.29	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Share-Based Compensation

6 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 13. Share-Based Compensation

On October 29, 2025, the Company’s Board of Directors adopted, and the Company’s stockholders approved the ProCap Financial, Inc. 2025 Equity Incentive Plan whereby it may grant to employees, consultants or non-employee directors an award, such as (1) options and stock appreciation rights, (2) performance stock, (3) performance stock units, (4) restricted stock, and (5) restricted stock units of the Company.

The aggregate number of shares which may be issued or transferred under the plan is equal to the sum of (i) 10% of the shares outstanding post-closing of the Business Combination and (ii) an annual increase on the first day of each year beginning in 2026 and ending in (and including) 2035 equal to the lesser of (A) 5% of the shares outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the Board or the compensation committee of the Board.

Restricted Stock Units

For the period from June 17, 2025 (inception) through December 31, 2025, the Company issued restricted stock units (“RSU’S) under the 2025 Equity Plan. Each RSU entitles the recipient to one share of the Company’s common stock upon vesting. The Company measures the grant date fair value of RSU’s based on the nature of the vesting conditions.

For RSU’s subject only to service-based vesting conditions, fair value is measured using the stock price on the grant date. For RSU’s subject to performance-based vesting conditions, including market-based share price targets, grant date fair value is determined using a Monte Carlo valuation model which incorporates assumptions regarding volatility of 60%, risk-free interest rate of 3.9%, expected term of 7 years, and stock price of $4.36 to calculate the probability of achieving the specified performance conditions, consistent with ASC 718. Performance-based RSU’s will be forfeited to the extent any outstanding portion of the award remains unvested as of the seventh anniversary of the date of the grant of the award or upon the employee’s termination of employment for any such reason.

The RSU’s subject to market-based share price targets will be eligible to vest upon the achievement of the following share price vesting conditions as long as the employee remains employed by the Company through the date in which the share price vesting condition is satisfied for any five continuous business days where a share of common stock of the Company closes at or above the applicable share prices below:

Schedule of Restricted Stock Unit

Number of RSU’s eligible to vest	Share price
250,000	$	15.00
250,000	$	17.50
250,000	$	20.00
250,000	$	22.50
250,000	$	25.00
500,000	$	27.50
500,000	$	30.00
500,000	$	32.50
500,000	$	35.00
500,000	$	37.50
750,000	$	40.00
750,000	$	42.50
750,000	$	45.00
1,000,000	$	47.50
1,000,000	$	50.00

The table below presents the summary of activity with respect to, and status of restricted stock units for the period from June 17, 2025 (inception) through December 31, 2025:

	Number of Restricted Stock Units			Weighted Average Grant Date Value
Unvested as of June 17, 2025		-			-
Granted		8,220,000		$	2.13
Forfeited		-			-
Vested		(201,586	)	$	2.11
Unvested as of December 31, 2025		8,018,414		$	2.13

As of December 31, 2025, there were 8,220,000 restricted stock units outstanding. As of December 31, 2005, unrecognized compensation cost related to the grant of restricted stock units was $17,058,191 and had a remaining vesting period of approximately 2.1 years to 3.93 years. Stock-based compensation expense related to RSUs recognized during the period from June 17, 2025 (inception) through December 31, 2025 was $442,043, and is included in the accompanying consolidated statements of operations.

Schedule of ProCap Shares Details (Details) - Pro Cap BTC [Member]	6 Months Ended
	Dec. 31, 2025 shares
Share conversion	74,562,500
Total Units issued	61,650,000
Common Stock [Member]
Common unit	10,000,000
Share conversion	10,000,000
Preferred Stock [Member]
Share conversion	64,562,500
Preferred unit	51,650,000

Debt (Tables)

6 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Note

The table below summarizes the outstanding Convertible Notes as of December 31, 2025, including the effects of discounts and debt issuance costs:

Schedule of Convertible Note

	December 31, 2025
Convertible Notes due 2028	$	235,000,000
Discount, net (1)		(11,387,249	)
Debt issuance costs, net (2)		(9,440,843	)
Convertible Notes, net	$	214,171,908

(1)

Discount as of December 31, 2025 consisted of $7,050,000 of original issue discount and $4,629,230 for the fair value of the embedded derivative less accumulated amortization of $291,981.

(2)

Debt issuance costs as of December 31, 2025 consisted of $9,682,916 in debt issuance costs less accumulated amortization of $242,073.

Schedule of Loan Maturities

The table below reflects the principal amount of loan maturities due over the next five years as of December 31, 2025:

Schedule of Loan Maturities

	5-Year Loan Maturities Fiscal Year
	2026		2027		2028		2029		2030		Total
2028 Convertible Notes	$	-	$	-	$	235,000,000	$	-	$	-	$	235,000,000

Schedule of Disaggregation of Interest Expense

The table below presents the disaggregation of interest expense for the period from June 17, 2025 (inception) through December 31, 2025:

	For the period from June 17, 2025 (inception) through December 31, 2025
Debt discount amortization	$	291,981
Debt issuance cost amortization		242,073
Interest expense	$	534,054

Schedule of Option Transactions (Details) - USD ($)	Dec. 24, 2025	Dec. 23, 2025
Commitments and Contingencies Disclosure [Abstract]
Option transaction stricke price	$ 75,000	$ 75,000
Option transaction put currency	430	200
Option transaction settlement	Deliverable	Deliverable

Segment Information (Tables)

6 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Fair Value of Bitcoin

As of

December 31, 2025

Digital Assets

441,791,316

Schedule of Segment Expenses

For the period from

June 17, 2025

(inception) to

December 31, 2025

General and administrative

7,630,335

Schedule of Fixed Assets (Details)	Dec. 31, 2025 USD ($)
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 84,582
Less: accumulated depreciation	(32,469)
Total fixed assets, net	52,113
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	9,533
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 75,049

Schedule of Deferred Income Tax Assets and Liabilities (Details)	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Stock Based Compensation	$ 92,829
Change in Fair Value of Digital Assets	5,251,131
Interest expense, net	57,564
NOL - Federal	13,021,839
Change in Fair Value of Convertible Note Conversion Feature	(493,561)
Change in Fair Value of Derivative Securities	(22,315)
Net operating losses	17,907,487
Valuation Allowance	(17,907,487)
Deferred Tax Asset (Liability)
US Federal expense (benefit)	(17,907,487)
State and local expense (benefit)
Change in valuation allowance	17,907,487
Total

Digital Assets

6 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Digital Assets

Note 5. Digital Assets

The following table sets forth the units held, cost basis and fair value of crypto assets held, as shown on the balance sheet as of December 31, 2025:

The cost basis represents the average cost at the time the Company purchased the Bitcoin.

	Quantity		Cost Basis		Fair Value
BTC		5,000.47	$	466,796,700	$	441,791,316
Total			$	466,796,700	$	441,791,316

	Fair value
Digital assets as of June 17, 2025 (inception)	$	—
Purchase of digital assets		983,296,700
Sale of digital assets		(462,036,316	)
Net realized loss on sale of digital assets		(54,463,684	)
Net unrealized loss on digital assets		(25,005,384	)
Digital assets fair value as of December 31, 2025	$	441,791,316

Schedule of Reconciliation of digital assets (Details)	6 Months Ended
Schedule of Reconciliation of digital assets (Details)	Dec. 31, 2025 USD ($)
Crypto Asset, Holding [Line Items]
Digital assets fair value, Beginning balance
Digital assets fair value, Ending balance	441,791,316
Digital Assets [Member]
Crypto Asset, Holding [Line Items]
Purchase of digital assets	983,296,700
Sale of digital assets	(462,036,316)
Net realized loss on sale of digital assets	(54,463,684)
Net unrealized loss on digital assets	$ (25,005,384)

Schedule of Fair Value of Bitcoin (Details) - USD ($)	Dec. 31, 2025	Jun. 16, 2025
Segment Reporting [Abstract]
Digital Assets	$ 441,791,316

Income Taxes

6 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

The Company files a consolidated federal income tax return and various state income tax returns. The amount of income taxes the Company records requires the interpretation of complex rules and regulations of federal and state taxing jurisdictions.

A reconciliation of the U.S. federal statutory rate to the Company’s effect income tax rate is as follows:

	As of December 31, 2025

U.S. federal statutory rate		21.0	%

Change in fair value of conversion feature		40.8	%

Change in valuation allowance		(61.8	)%
Provision (benefit) for income taxes		0.0	%

	As of December 31, 2025
Deferred Tax Asset (Liability)

Stock Based Compensation	$	92,829
Change in Fair Value of Digital Assets		5,251,131
Interest expense, net		57,564
NOL - Federal		13,021,839
Change in Fair Value of Convertible Note Conversion Feature		(493,561	)
Change in Fair Value of Derivative Securities		(22,315	)
Net operating losses		17,907,487
Valuation Allowance		(17,907,487	)
Deferred Tax Asset (Liability)	$	-

Valuation Allowance Roll Forward

Deferred:	As of December 31, 2025
US Federal expense (benefit)	$	(17,907,487	)
State and local expense (benefit)		-
Change in valuation allowance		17,907,487
Total	$	-

A valuation allowance for deferred tax assets, including net operating losses, is recognized when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of deferred tax liabilities, and tax planning strategies as well as the current and forecasted business economics of our industry. As of December 31, 2025, the Company’s deferred tax assets consisted primarily of $13.0 million related to federal net operating loss carry forwards, $5.3 million related to changes in the fair value of digital assets, and $0.2 million related to stock-based compensation and interest expense, partially offset by deferred tax liabilities related to changes in the fair value of convertible note conversion features and derivative securities. The resulting gross deferred tax assets were fully offset by a valuation allowance, resulting in no net deferred tax asset or liability as of December 31, 2025.

When more than a 50% change in ownership occurs, over a three-year period, as defined, the Tax Reform Act of 1986 limits the utilization of net operating loss carry forwards in the years following the change in ownership. In December 2025, the Company issued common stock to various parties in connection with the business combination. A Section 382 ownership study has not been completed yet. The management will continue to evaluate the occurrence of ownership change and the impact on utilization of prior year NOL, which otherwise can be carried forward indefinitely.

We have evaluated whether there were material uncertain tax positions requiring recognition in our financial statements. As of December 31, 2025, the Company has not identified unrecognized tax benefits that would favorably affect the effective tax rate if resolved in the Company’s favor and the Company recognized $0 uncertain tax liability.

- Definition

The entire disclosure for income tax.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule of Pubco Stock Issued (Details)	Dec. 31, 2025 shares
Restructuring Cost and Reserve [Line Items]
Common stock share issued	85,166,604
Circle Capital Corp I [Member]
Restructuring Cost and Reserve [Line Items]
Shares outstanding	25,000,000
Redemption of ordinary shares	(23,434,229)
Circle Capital Corp I [Member] \| Public Share [Member]
Restructuring Cost and Reserve [Line Items]
Shares outstanding	1,565,771
Circle Capital Corp I [Member] \| Founder Share [Member]
Restructuring Cost and Reserve [Line Items]
Shares outstanding	8,333,333
Circle Capital Corp I [Member] \| Private Placement [Member]
Restructuring Cost and Reserve [Line Items]
Shares outstanding	265,000
Circle Capital Corp I [Member] \| Representative Share [Member]
Restructuring Cost and Reserve [Line Items]
Shares outstanding	440,000
Business Combination Shares [Member]
Restructuring Cost and Reserve [Line Items]
Shares outstanding	74,562,500

Subsequent events (Details Narrative)		1 Months Ended	2 Months Ended
Subsequent events (Details Narrative)	Feb. 09, 2026 USD ($)	Jan. 31, 2026	Feb. 13, 2026 USD ($) $ / shares shares	Feb. 10, 2026 USD ($)	Feb. 08, 2026 $ / shares	Jan. 20, 2026 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Dec. 24, 2025 USD ($)	Dec. 23, 2025 USD ($)	Dec. 05, 2025 USD ($)
Subsequent Event [Line Items]
Convertible notes							$ 2,278,940			$ 235,000,000
Cash							$ 19,973,574
Premium put option contracts								$ 534,500	$ 534,500
Common stock, par value \| $ / shares							$ 0.001
Subsequent Event [Member]
Subsequent Event [Line Items]
Loan collateral ratio description of bitcoin and cash	Pursuant to the terms of the Indenture, the Company must maintain a 1:1 loan-to-collateral ratio, where Bitcoin is treated as 0.50 to 1.00 and cash is treated as 1.00 to 1.00. As of February 12, 2026, the Company’s collateral composition is as follows: (i) 3,000 Bitcoin and (ii) $26,722,563 in cash, the total amount of which complies with the terms of the Indenture. This collateral composition is subject to change to account for market conditions, including the price of Bitcoin.
Number of shares repurchase, shares \| shares			904,433
Number of shares repurchase, value			$ 3,190,663
Shares acquired cost per share \| $ / shares			$ 3.53
Shares outstanding \| shares			83,422,775
Derivative average option strike price		the Company may be required to purchase an aggregate of up to 900 Bitcoin at predetermined strike prices ranging from $70,000 to $80,000 per Bitcoin, subject to counterparty exercise on specified expiration dates in February and March 2026.
Premium put option contracts						$ 888,750
Prior put option contracts			$ 534,500
Common stock, par value \| $ / shares					$ 0.001
Subsequent Event [Member] \| Merger Agreement [Member]
Subsequent Event [Line Items]
Price per share \| $ / shares					$ 9.00
Subsequent Event [Member] \| 2026 Convertible Notes [Member]
Subsequent Event [Line Items]
Principal amount outstanding of convertible notes				$ 99,600,000
Subsequent Event [Member] \| 2026 Convertible Notes [Member] \| Repurchase Agreements [Member]
Subsequent Event [Line Items]
Senior secured notes convertible percentage	0.0000
Convertible notes	$ 135,400,000
Cash	$ 119,152,000

Schedule of Segment Expenses (Details)	6 Months Ended
Schedule of Segment Expenses (Details)	Dec. 31, 2025 USD ($)
Segment Reporting [Abstract]
General and administrative	$ 7,630,335

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

Prepaid expenses:	December 31, 2025
Prepaid insurance	$	1,812,891
Prepaid expenses - current		50,325
Total prepaid expenses - current	$	1,863,216

Prepaid expenses - non-current	$	16,250

Other current assets:
Interest receivable	$	257,389

Liquidity and Capital Resources (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2025	Dec. 05, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 44,976,127
Restricted cash	149,885,332
Working capital deficit	194,767,844
Net loss	28,975,504
Convertible notes payable	$ 2,278,940	$ 235,000,000
Convertible notes percentage		97.00%

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Pay vs Performance Disclosure	6 Months Ended
Pay vs Performance Disclosure	Dec. 31, 2025 USD ($)
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (28,975,504)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cybersecurity Risk Management and Strategy Disclosure

6 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Abstract]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

Our management team manages our security program, which is focused on assessing, identifying, and managing cyber risk and information security threats. We evaluate cybersecurity on an ongoing basis, and it is a risk monitored through our overall enterprise risk management program, including by our executive leadership and Board, described below under “—Governance.”

To proactively manage cybersecurity risk in our organization, our management team has instituted a cybersecurity policy that is available to all employees.

Our management, led by our Chief Executive Officer, is actively involved in oversight of our risk management efforts, and cybersecurity represents an important component thereof. Our cybersecurity processes and practices are fully integrated into the Company’s risk management efforts. In general, we seek to address cybersecurity risks through a cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats.

As one of the critical elements of our overall risk management approach, our cybersecurity efforts are focused on the following key areas:

●

Governance: Management oversees cybersecurity risk mitigation and reports to the Board any cybersecurity incidents.

●

Collaborative Approach: We have implemented a cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.

●

Technical Safeguards: We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.

Third parties also play a role in our cybersecurity. We engage third-party service providers to evaluate and monitor our security controls, as well as to conduct independent audits or consulting on best practices to address new challenges.

To date, our business strategy, results of operations, and financial condition have not been materially affected by risks from cybersecurity threats, but we cannot provide assurance that they will not be materially affected in the future. For more information on our cybersecurity-related risks, see “Risk Factors” in Item 1A of Part I of this Annual Report.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

our business strategy, results of operations, and financial condition have not been materially affected by risks from cybersecurity threats, but we cannot provide assurance that they will not be materially affected in the future

Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board addresses the Company’s cybersecurity risk management as part of its general oversight function. Our management, led by our Chief Executive Officer, presents information on our enterprise-wide risks to the Board at each of its regularly scheduled meetings. Members of the management team have extensive experience managing risks at our Company and at similar companies in the past, including risks arising from cybersecurity threats. The Board will convene as necessary to address critical or emerging cybersecurity concerns and to ensure alignment on approach. In the event of an incident, the Company has developed an incident response plan, which sets forth the steps to be followed from incident detection and assessment to mitigation, recovery and notification and reporting, including notifying functional areas (e.g. legal), as well as senior leadership and the board, as appropriate.

While we have prevented cybersecurity threats in the past in the normal course of business and expect to continue to experience such threats from time to time, to date, none have had a material adverse effect on our business, financial condition, results of operations or cash flows.

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

The Board will convene as necessary to address critical or emerging cybersecurity concerns and to ensure alignment on approach. In the event of an incident, the Company has developed an incident response plan, which sets forth the steps to be followed from incident detection and assessment to mitigation, recovery and notification and reporting, including notifying functional areas (e.g. legal), as well as senior leadership and the board, as appropriate

Consolidated Balance Sheet (Parenthetical)	Dec. 31, 2025 $ / shares shares
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	50,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value \| $ / shares	$ 0.001
Common stock, shares authorized	550,000,000
Common stock, shares issued	85,166,604
Common stock, shares outstanding	84,327,208
Treasury stock, shares	839,396

Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Dec. 31, 2025	Dec. 05, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets	$ 441,791,316
Derivative liabilities	428,236
Convertible notes payable	2,278,940	$ 235,000,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets	441,791,316
Derivative liabilities
Convertible notes payable
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets
Derivative liabilities
Convertible notes payable
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets
Derivative liabilities	428,236
Convertible notes payable	$ 2,278,940

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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+ Details

Stockholders’ Equity

6 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Note 12. Stockholders’ Equity

Preferred stock — The Company is authorized to issue 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of December 31, 2025, there were no shares of preferred stock issued and outstanding.

Common stock — The Company is authorized to issue 550,000,000 shares of common stock with a par value of $0.001 per share. As of December 31, 2025, there were 85,166,604 shares of common stock issued and 84,327,208 shares of common stock outstanding (see Note 4). Each share of common stock entitles the holder to one vote.

Treasury stock — On December 11, 2025, the Board of Directors of ProCap Financial, Inc. (the “Company”) approved a share repurchase program (the “2025 Repurchase Program”) providing for the repurchase of up to $100 million of the Company’s outstanding shares of common stock, par value $0.001 per share (the “Common Stock”). Under the 2025 Repurchase Program, the Company is authorized to repurchase shares of Common Stock through open market purchases, privately-negotiated transactions, accelerated share repurchases, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The 2025 Repurchase Program does not obligate the Company to repurchase shares of Common Stock and the specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance metrics, market conditions, securities law limitations and other factors.

In connection with the 2025 Repurchase Program, on December 12, 2025, the Company entered into an Open Market Share Repurchase Agreement (the “Repurchase Agreement”) with TD Securities Inc. (the “Broker”) whereby the Broker has agreed to act as a non-exclusive agent on behalf of the Company to repurchase shares of Common Stock in the open market pursuant to Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The Repurchase Agreement will continue in effect until terminated by either the Company or the Broker, with or without cause, upon written notice to the other party. The Company will pay the Broker a commission at a rate of $0.02 for each share of Common Stock repurchased pursuant to the Repurchase Agreement.

As of December 31, 2025, the Company held 839,396 shares of treasury stock, which were acquired for an aggregate purchase price of $2,846,627, as reflected in the accompanying consolidated statements of cash flows.

Warrants — As part of CCCM’s initial public offering, CCCM issued warrants to third party investors where each whole warrant entitles the holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the initial public offering CCCM completed the private sale of warrants where each warrant allows the holder to purchase one share of the Company’s common stock at $11.50 per share (the “Private Placement Warrants”). The warrants cannot be exercised until 30 days after the completion of the business combination, and will expire at 5:00pm, New York City time, December 5, 2030. As of December 31. 2025, there were 12,500,000 Public Warrants and 352,500 Private Placement Warrants.

Redemption of Warrants When the Price per Share Equals or Exceeds $18.00

The Company may redeem the outstanding warrants:

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and

● if, and only if, the last reported sale price (the “closing price”) of the common stock equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period commencing at least 30 days after completion of the business combination and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

- Definition

The entire disclosure for equity.

+ References

+ Details

Schedule of Significant Digital Assets Holdings (Details)	Dec. 31, 2025 USD ($)	Jun. 16, 2025 USD ($)
Crypto Asset, Holding [Line Items]
Crypto asset cost	$ 466,796,700
Crypto asset fair value	$ 441,791,316
Bitcoin [Member]
Crypto Asset, Holding [Line Items]
Quantity	5,000.47
Crypto asset cost	$ 466,796,700
Crypto asset fair value	$ 441,791,316

Stockholders’ Equity (Details Narrative) - USD ($)	6 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 12, 2025	Dec. 11, 2025	Jun. 16, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized	50,000,000
Preferred shares, par value per share	$ 0.001
Preferred Stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, shares authorized	550,000,000
Common stock, par value	$ 0.001
Common stock, shares issued	85,166,604
Common stock, shares outstanding	84,327,208
Treasury stock common value			$ 100,000,000
Treasury stock, shares	839,396
Purchase of treasury stock	$ 2,846,627
Completion of initial business combination days	30 days
Prior written notice of redemption	30 days
Number of trading days for determining the share price	20 days
Number of consecutive trading days for determining the share price	30 days
Common Class A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price	$ 18.00
Warrant redemption price	$ 18.00
Public Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of warrants	1
Exercise price per share	$ 11.50
Warrants	$ 12,500,000
Private Placement Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of warrants	1
Exercise price per share	$ 11.50
Warrants	$ 352,500
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of warrants	0.01
2025 Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price		$ 0.02
Treasury Stock, Common [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, par value			$ 0.001
Treasury stock, shares	(839,396)

Related Party Transactions

6 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 15. Related Party Transactions

As part of the Preferred Equity Subscription Agreements, Inflection Points purchased 850,000 preferred units for $8,500,000. Refer to Note 14 for additional information.

As part of the Services Agreement Inflection Points received 10,000,000 shares of common stock. Refer to Note 14 for additional information.

On June 30, 2025, the Company entered into a promissory note (the “Promissory Note”) with Inflection Points, an entity under common control, for a principal sum of up to $1,000,000. On July 11, 2025, the Company entered into an amended and restated promissory note, to ensure the Company and Procap BTC are listed as recipients of the funds. On October 5, 2025, the Company entered into the second amended and restated the promissory note, to increase the allowable principal draws to be up to $2,000,000. During the period from June 17, 2025 (inception) through December 31, 2025, the Company received $1,777,581 of proceeds from the related-party Promissory Note and made $1,889,562 of repayments, as reflected in the accompanying consolidated statements of cash flows. In addition, $111,981 of amounts due to a related party were converted into the Promissory Note, which is presented as a non-cash financing activity. The Promissory Note bears no stated interest and was payable on the earlier of May 31, 2026 or the date on which the Company consummated the business combination. On December 5, 2025, in connection with the closing of the Business Combination, the Company repaid the outstanding balance of the Promissory Note. As of December 31, 2025, the outstanding balance on the Promissory Note was $0.

On October 1, 2025, the Company entered into a commercial sublease agreement with Inflection Points. The sublease terms allow the Company to occupy the premises on a month-to month arrangement starting on October 1, 2025, and ending upon notice of 60 days from either party to the other party. The monthly rent payment under the agreement is $19,600. For the period from June 17, 2025 (Inception) through December 31, 2025, the Company recorded $58,800 of rent expense in the consolidated statement of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent events

6 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent events

Note 18. Subsequent events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the consolidated financial statements were issued, and no events, other than discussed below, have occurred that would require adjustments to the disclosures in the consolidated financial statements.

Non-recognized Subsequent Events:

Convertible Note Repurchase

On February 9, 2026, we entered into privately negotiated notes repurchase agreements (the “Repurchase Agreements”) with certain holders (the “Noteholders”) of certain of our outstanding 0.00% Convertible Senior Secured Notes due 2028 (the “2026 Convertible Notes”) under the Indenture, pursuant to which we agreed to repurchase (the “Repurchase”) approximately $135,400,000 in aggregate principal amount of the 2026 Convertible Notes held by the Noteholders for an aggregate of approximately $119,152,000 in cash.

The Repurchase settled on or about February 10, 2026. Upon settlement of the Repurchase, the aggregate principal amount of the 2026 Convertible Notes outstanding was reduced to approximately $99,600,000.

Pursuant to the terms of the Indenture, the Company must maintain a 1:1 loan-to-collateral ratio, where Bitcoin is treated as 0.50 to 1.00 and cash is treated as 1.00 to 1.00. As of February 12, 2026, the Company’s collateral composition is as follows: (i) 3,000 Bitcoin and (ii) $26,722,563 in cash, the total amount of which complies with the terms of the Indenture. This collateral composition is subject to change to account for market conditions, including the price of Bitcoin.

Share Repurchases

Subsequent to year end and through February 12, 2026, the Company repurchased 904,433 shares of common stock in the open market for $3,190,663, including commissions, at an average price of $3.53 per share. Total shares outstanding after the repurchase were 83,422,775 as of February 12, 2026.

Derivative Securities Liabilities

In January 2026, the Company entered into multiple Bitcoin put option contracts with a single counterparty. Under the terms of these contracts, the Company may be required to purchase an aggregate of up to 900 Bitcoin at predetermined strike prices ranging from $70,000 to $80,000 per Bitcoin, subject to counterparty exercise on specified expiration dates in February and March 2026. The aggregate premium received for the put option contracts was $888,750.

In addition, Bitcoin put option contracts entered into in December 2025 expired unexercised in January 2026, resulting in the Company retaining the aggregate premiums of $534,500.

Agreement and Plan of Merger

On February 9, 2026 the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Silvia Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“Merger Sub”), CFO Silvia, Inc, a Delaware corporation (“CFO Silvia”), Inflection Points Inc, a Delaware corporation (“Inflection Points”), Shain Noor (“Noor” and, together with Inflection Points, the “Sellers”), and Shain Noor, solely in his capacity as the stockholder representative (the “Stockholder Representative”). Under the Merger Agreement, Merger Sub will merge with and into CFO Silvia, with CFO Silvia surviving as a direct wholly owned subsidiary of the Company (the “Merger” or the “Proposed Transaction”).

At the effective time of the Merger (the “Effective Time”), each share of CFO Silvia common stock outstanding immediately prior to the Effective Time (other than dissenting shares and treasury shares) will be converted into the right to receive shares of common stock of the Company, par value $0.001 per share (the “Company Common Stock”), consisting of (i) the per share merger consideration, and (ii) any per share earnout consideration, in each case as described in the Merger Agreement and related spreadsheet to be delivered prior to closing. In addition, each outstanding simple agreement for future equity (“SAFE”) will be terminated at the Effective Time, and each SAFE holder will be entitled to receive a portion of the total merger consideration and earnout shares (if any), in accordance with the Merger Agreement. A portion of the merger consideration otherwise payable to equity holders will be deposited into an escrow account for a period of twelve months to secure indemnification obligations. The shares of Company Common Stock issued in the Merger will be subject to transfer restrictions, including lock-up provisions, as further described in the Merger Agreement.

Subject to the terms and conditions of the Merger Agreement, during the earnout period, if the volume-weighted trading price of the Company Common Stock equals or exceeds $9.00 on the applicable measurement date, the Company will issue the earnout shares within ten business days following such date; provided that any earnout shares deliverable to Noor are conditioned upon his continued employment and good standing through the earnout release date, subject to certain exceptions. The earnout may only be achieved and paid once, and Company’s earnout obligations terminate upon issuance of the earnout shares or expiration of the earnout period.

In general, the Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, and the Merger Agreement is intended to constitute a plan of reorganization thereunder.

The closing of the Merger is subject to customary closing conditions, including the filing of a certificate of merger with the Delaware Secretary of State, specified regulatory approvals (including any required filings under the Hart-Scott-Rodino Antitrust Improvements Act, if applicable), and the receipt of requisite approvals from CFO Silvia stockholders and Company stockholders, among other conditions set forth in the Merger Agreement.

Schedule of Effective Income Tax Rate Reconciliation (Details)	6 Months Ended
	Dec. 31, 2025
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%
Change in fair value of conversion feature	40.80%
Change in valuation allowance	(61.80%)
Provision (benefit) for income taxes	0.00%

Schedule of Roll Forward Derivative Liability, Put Option (Details) - Derivative Financial Instruments Liabilities Put Option [Member]	6 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
As of June 17, 2025 (inception)
Premiums received on sold BTC put options	534,500
Net change in fair value recognized in earnings	(106,264)
Settlements / expirations
Balance at December 31, 2025	$ 428,236

Schedule of Activity Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Restricted Stock Units, Unvested \| shares
Weighted Average Grant Date Value, Unvested \| $ / shares
Number of Restricted Stock Units, Granted \| shares	8,220,000
Weighted Average Grant Date Value, Granted \| $ / shares	$ 2.13
Number of Restricted Stock Units, Forfeited \| shares
Weighted Average Grant Date Value, Forfeited \| $ / shares
Number of Restricted Stock Units, Vested \| shares	(201,586)
Weighted Average Grant Date Value, Vested \| $ / shares	$ 2.11
Number of Restricted Stock Units, Unvested \| shares	8,018,414
Weighted Average Grant Date Value, Unvested \| $ / shares	$ 2.13

Schedule of Business Combination to the Consolidated Statement of Changes in Equity (Details)	6 Months Ended
	Dec. 31, 2025 USD ($)
Restructuring and Related Activities [Abstract]
Cash - trust and cash, net of redemptions	$ 15,992,015
Less: transaction expenses paid	(3,790,701)
Net proceeds from the Business Combination	12,201,314
Cash	64,357
Accrued offering costs	(75,000)
Reverse recapitalization, net	$ 12,190,671

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Segment Information

Segment Information

Concentration of Credit Risk

Concentration of Credit Risk

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity date of three months or less when purchased to be cash equivalents.

Restricted Cash

Restricted Cash

Fixed Assets, net

Fixed Assets, net

Prepaid Expenses

Prepaid Expenses

Fair value measurement

Fair value measurement

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Observable, market-based inputs, other than quoted prices included in Level 1, for the assets or liabilities either directly or indirectly.

Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Digital assets

Digital assets

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses

Derivative Liabilities

Derivative Liabilities

Refer to Note 11 “Fair Value Measurements” for details regarding the fair values.

Revenue Recognition Policy

Revenue Recognition Policy

Accounts Receivable

Accounts Receivable

As of December 31, 2025, amounts due from one customer make up the total of accounts receivable.

Warrants

Warrants

Convertible Debt

Convertible Debt

Stock-based Compensation

Stock-based Compensation

Net Loss Per Share

Net Loss Per Share

The computation of basic and dilutive net loss per share for the period from June 17, 2025 (inception) through December 31, 2025 are as follows:

	For the period from June 17, 2025 (inception) through December 31, 2025

Numerator:
Net loss	$	(28,975,504	)

Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		73,685,031
Net loss per common stock, basic and diluted	$	(0.39	)

As of December 31, 2025, common stock equivalents not included in the computation of net loss per share because their effect would be antidilutive included the following:


Warrants (see Note 12)			12,852,500
RSUs (see Note 13)			8,220,000
Convertible Notes (see Note 8)			18,071,500
Total			39,144,000

Income taxes

Income taxes

Treasury Stock

Treasury Stock

Recent accounting pronouncements

Recent accounting pronouncements

Recently Adopted Accounting Pronouncements:

ASU 2023-08 — Accounting for and Disclosure of Crypto Assets

The adoption of ASU 2023-08 did not have a material impact on the Company’s consolidated financial position or cash flows.

Recent Accounting Pronouncements, not yet adopted:

Schedule of Loan Maturities (Details) - 2028 Convertible Notes [Member]	Dec. 31, 2025 USD ($)
Short-Term Debt [Line Items]
Convertible notes 2026
Convertible notes 2027
Convertible notes 2028	235,000,000
Convertible notes 2029
Convertible notes 2030
Convertible notes	$ 235,000,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Debt (Details Narrative) - USD ($)		6 Months Ended
Debt (Details Narrative) - USD ($)	Dec. 05, 2025	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible Notes Payable	$ 235,000,000	$ 2,278,940
Conversion of Stock, Shares Converted	76.9
Conversion of Stock, Amount Converted	$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 13.00
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Debt Instrument, Term	36 months
Debt Instrument, Interest Rate, Effective Percentage		9.00%
Security Deposit		$ 145,239,552
Conversion amount		1,000
Convertible Note Subscription Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible Notes Payable		$ 235,000,000
Percentage of aggregate purchase price		97.00%
Debt Instrument, Interest Rate, Effective Percentage	9.09%

Liquidity and Capital Resources

6 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity and Capital Resources

Note 2. Liquidity and Capital Resources

As of December 31, 2025, the Company had $44,976,127 in cash and cash equivalents, $149,885,332 in restricted cash and working capital of $194,767,844. Restricted cash primarily relates to collateral requirements under the Company’s convertible notes and written Bitcoin put option contracts.

For the period from June 17, 2025 (inception) through December 31, 2025, the Company reported a net loss of $28,975,504. This net loss was primarily driven by factors that are inherently volatile and subject to market conditions, including:

	●	Realized and unrealized losses related to Bitcoin holdings due to fluctuations in the market price of Bitcoin;
	●	General and administrative expenses associated with the business combination and operating as a public company.

Because digital assets and derivative instruments are measured at fair value, the Company’s results of operations may fluctuate significantly from period to period, as discussed further in Note 11.

On December 5, 2025, the Company completed the Business Combination and issued convertible notes in the aggregate principal amount of $235,000,000 for an aggregate purchase price equal to 97% of the aggregate principal amount of the convertible notes (See Note 8).

Based on the cash and cash equivalents balance of $44,976,127, and the Company’s Bitcoin holdings, the Company has determined that the Company’s sources of liquidity will be sufficient to meet the Company’s needs for the one-year period from the issuance of the consolidated financial statements.

Revenue from Contracts with Customers (Details Narrative)	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations under non-cancelable contracts	$ 1,000

Fixed Assets

6 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 7. Fixed Assets

Fixed assets consist of the following:

Schedule of Fixed Assets

	December 31, 2025
Furniture and equipment	$	9,533
Leasehold improvements		75,049
		84,582
Less: accumulated depreciation		(32,469	)
Total fixed assets, net	$	52,113

Depreciation expense related to the Company’s fixed assets was $32,469 for the period from June 17, 2025 (inception) through December 31, 2025.