Anthony Pompliano, a prominent advocate of cryptocurrency and CEO at Professional Capital Management, is slated to take on the role of CEO at ProCapBTC, a new investment entity focused on acquiring substantial amounts of bitcoin BTC. This information was reported by the Financial Times, with input from three sources familiar with the discussions.

As part of the proposed arrangement, ProCapBTC intends to raise $750 million, with $500 million coming from equity and $250 million from convertible debt, through a merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) supported by Cohen & Company. While negotiations are ongoing and final terms remain uncertain, an announcement of the deal could be made as soon as next week.

The trend of companies investing in bitcoin for their treasuries has been gaining momentum, with 126 publicly traded companies currently holding nearly 820,000 bitcoin, as per data from BitcoinTreasuries.net. One notable example is Strategy (MSTR), a software company led by Executive Chairman Michael Saylor, which holds $61 billion worth of BTC. If ProCapBTC were to allocate all $750 million towards bitcoin, it would place just outside the top 10 in terms of the largest holders of the cryptocurrency.

This development mirrors the increasing optimism in crypto markets following the election of U.S. President Donald Trump, who recently expressed his support for cryptocurrencies. The administration’s efforts to streamline regulations governing the industry have spurred several companies to consider going public. For instance, stablecoin issuer Circle (CRCL) saw a 168% surge in its stock price on its first day of trading, while Bullish, backed by Peter Thiel, is reportedly eyeing an IPO. Bullish Group, the parent company of both CoinDesk and Bullish Exchange, is involved in this move.

Pompliano, also known for his podcast, refrained from providing a statement to the Financial Times, and Cohen & Company did not respond to requests for comment.