ProCap Financial increases holdings by 450 BTC and accelerates share buybacks to narrow NAV discount
PANews March 2nd news, according to Business Wire, ProCap Financial (NASDAQ: BRR) announced the purchase of an additional 450 Bitcoin, bringing its total holdings to 5,457 Bitcoin and further reducing the average cost per Bitcoin. Over the past 10 days, the company repurchased 782,408 common shares at prices significantly below net asset value (NAV), during which the discount of BRR’s share price relative to NAV narrowed. The company stated that as long as the share price continues to be significantly below NAV, it will maintain an aggressive buyback strategy. Currently, the company’s basic outstanding shares total 82,640,367. Chairman and CEO Anthony Pompliano said the company is taking an “offensive” asset allocation approach by capitalizing on both the Bitcoin pullback and the market’s mispricing of BRR.
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