ProCap Financial, the Bitcoin treasury firm led by Anthony Pompliano, has acquired an additional 450 BTC worth approximately $31 million. The company is concurrently executing a share buyback program, repurchasing over $2.2 million of its stock over ten days to narrow the significant discount between its market capitalization and the net asset value of its Bitcoin holdings.
ProCap Financial announced it acquired 450 Bitcoin valued at around $31 million. This purchase brings the firm’s total Bitcoin holdings to 5,457 BTC, worth approximately $376 million.
The company also continued its stock repurchase initiative, buying back 782,408 shares of its common stock over ten days for about $2.2 million. Shares of the firm, trading under the ticker BRR, were recently priced around $2.83, representing a gain of more than 7% for the day.
Anthony Pompliano, the firm’s Chairman and CEO, stated the company is strategically managing its balance sheet. “We are doing two things at the same time: buying Bitcoin to average down our total cost basis and buying back our own stock when the market misprices it,” Pompliano said.
He added that both actions are designed to benefit shareholders. The firm intends to continue repurchasing shares as long as they trade at a significant discount to its net asset value (NAV).
This strategy aims to address the firm’s market cap to NAV ratio, known as mNAV. While Bitcoin’s price has declined 45% from its October high, ProCap’s shares have fallen more than 72% over the past six months, widening the discount.
Recent data indicated ProCap’s NAV was approximately $305 million, while its market capitalization was about 65% lower. Updated estimates suggest the discount may have narrowed slightly, with a current mNAV of around 0.68 based on a market cap of $239 million and an estimated NAV of $351 million. Despite recent gains, BRR shares remain 82% below their 52-week high.
