ProCap Financial (BRR), the first publicly traded agent finance company, has purchased 450 bitcoin bringing his total holdings to 5,457 BTC.
The acquisition makes ProCap the 19th largest publicly traded holder of bitcoin, while the company’s average cost basis per coin is lowered.
Chairman and CEO Anthony Pompliano said the company is executing a two-pronged strategy, “buying bitcoin to average out our total cost base and buying back our own stock when the market misprices it,” adding that both actions are accretive to shareholders. He noted that the firm’s disciplined balance sheet has positioned it to benefit from bitcoin’s pullback from its all-time high.
ProCap has also repurchased 782,408 shares of its common stock over the past 10 days at a significant discount to net asset value (NAV). The company said the discount to NAV has narrowed during that period and plans to continue the buybacks as long as the shares trade below net asset value.
BRR shares traded over 3.75% higher during the US morning on Monday, possibly supported by a boost in bitcoin’s price, which saw it gain more than 4.5% to hover above $68,500.
UPDATE (March 2 at 13:30 UTC): Removes references to 2% increase in BRR in pre-market, qualifying any increase to be on thin volume.
UPDATE (March 2 at 15:30 UTC): Adds section on BRR’s price after the market open instead of the pre-market movement.
