Anthony Pompliano, a longtime cryptocurrency evangelist and CEO at Professional Capital Management, is reportedly set to become CEO of ProCapBTC, a new investment vehicle aiming to acquire large amounts of Bitcoin. This move signals an attempt to mirror the corporate Bitcoin treasury strategy pioneered by MicroStrategy’s Michael Saylor.

ProCapBTC plans to raise $750 million for its Bitcoin acquisition efforts. The proposed deal involves a merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) backed by Cohen & Company. As part of this structure, ProCapBTC intends to raise $500 million in equity and $250 million in convertible debt, according to reports by iGaming Times (originally citing people familiar with the talks). A deal could potentially be announced as early as next week (June 16-20, 2025), although negotiations are still in progress, and final terms remain uncertain.

Bitcoin as a Growing Treasury Strategy

The move reflects a growing trend of companies adopting Bitcoin as a treasury asset. Data from BitcoinTreasuries.net, as reported by iGaming Times, indicates that 126 publicly traded companies now hold almost 820,000 Bitcoin. This strategy was notably pioneered by Michael Saylor, Executive Chairman of software maker MicroStrategy (MSTR), which currently holds an impressive $61 billion worth of BTC. If all of ProCapBTC’s proposed $750 million was spent on Bitcoin at current prices, it would rank just outside the top 10 corporate holders of the largest cryptocurrency.

Renewed Enthusiasm in Crypto Markets

The initiative comes amidst renewed enthusiasm in crypto markets. This sentiment follows the election of U.S. President Donald Trump, who recently stated, as reported by iGaming Times, that it’s an “honor” to be considered a pro-crypto president. His administration’s easing of rules governing the industry has reportedly prompted a number of companies to consider selling shares to the public to raise capital for digital asset investments.

Recent successes in the crypto market further underscore this optimism. Stablecoin issuer Circle (CRCL) notably experienced a strong showing last week on its first day of trading after going public on June 5, with its stock reportedly gaining 168%. Furthermore, Peter Thiel-backed Bullish is also reportedly pursuing an initial public offering (IPO), indicating continued strong investor interest in crypto firms within traditional financial markets.

While Pompliano reportedly declined to comment on the development, and Cohen & Company did not respond to requests for comment, the formation of ProCapBTC and its ambitious fundraising target highlight a significant new entry into the institutional Bitcoin investment landscape. This move signals a growing institutional appetite for direct Bitcoin exposure and the increasing mainstream acceptance of cryptocurrency as a legitimate treasury strategy for corporations.