ProCap Financial, (BRR), which bills itself as the first publicly traded agent finance company, has begun its share buyback program aimed at closing the discount between its share price and net asset value (NAV).
The company said it bought 148,241 BRR shares in the open market on February 20. This implies a purchase price in the region of USD 2.30 per stock for a total of approximately $341,000. It’s not exactly a huge purchase, as the company has raised more than $750 million from investors and currently has more than 5,000 bitcoin worth about $335 million on its balance sheet.
The company further said that the shares were bought at a discount of approx. 35% relative to the net value of the bitcoin it holds.
“We were able to buy $1.00 of our stock for about $0.65 last week,” said
Chairman and CEO Anthony Pompliano. “We plan to aggressively buy as much of our stock as we can as long as the market will sell us stock at a significant discount to NAV.”
BRR shares modestly outperformed other bitcoin tax companies in US trading Monday morning, rising 3% to $2.42.
