ProCap Acquisition Corp (PCAPW) Warrant
Each PCAPW warrant gives the holder the right to buy 1 share of ProCap Acquisition Corp at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.41, below the strike, so the warrant is out of the money. ProCap Acquisition Corp has a market value of about $590.04M. ProCap Acquisition Corp is a SPAC (no deal announced yet). It must complete a deal by May 22, 2027 or the warrants expire worthless. There are 8.33M listed warrants; exercising all of them would add 14.7% to the 56.68M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- no
- Break-even stock price
- $11.80
From the issuer's S-1/A (2025-05-13).
Company and stock
- Company
- ProCap Acquisition Corp
- Underlying stock
- PCAP
- Share price
- $10.41
- Market cap
- $590.04M
- Shares outstanding
- 56.68M
- 12-month range
- $10.13 – $10.45
- 12-month change
- -0%
- Value of all listed warrants
- $2.50M (0.4% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- New York, NY
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.2995
- Price / model
Pro will show whether PCAPW is cheap or rich against our model. It is not open yet. Leave your email to hear when it is.
Dilution
- Shares outstanding
- 56.68M
- Listed warrants
- 8.33M
- Dilution if all exercised
- 14.7%
Warrant count from filing text: public warrants.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2027-05-22
- Latest possible deadline
- —
- Trust per share
- $10.42
- Sponsor
- ProCap Acquisition Sponsor LLC
- Sponsor's earlier SPACs
- 0 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about PCAPW
When does the PCAPW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of PCAPW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many PCAPW warrants are outstanding?
8.33M listed warrants, equal to 14.7% dilution if all are exercised.
Related warrants
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