Back is in discussions to contribute as much as 30,000 bitcoin to Cantor Equity Partners 1, worth more than $3bn. It would be part of a broader deal with the blank cheque company in which it would raise as much $800mn in outside capital to make further purchases of the digital currency, putting the overall deal at more than $4bn.

Back and Blockstream Capital would contribute their bitcoin in exchange for shares in the Cantor vehicle, which would be renamed BSTR Holdings.

A deal could come as early as this week, said the people, who cautioned that terms could still change. If completed in the coming days, it would come during what Republican lawmakers have dubbed “crypto week” as they debate legislation tied to digital currencies.