ProCap Financial (BRR), the first publicly traded agent financing company, has purchased 450 bitcoins increasing its total holdings to 5,457 BTC.
The acquisition makes ProCap the 19th publicly traded bitcoin holder, while lowering the company’s average cost per coin.
Chairman and CEO Anthony Pompliano said the company is executing a dual strategy: “buying bitcoin to average out our total cost base and buying back our own shares when the market misvalues them,” adding that both actions benefit shareholders. He noted that the company’s disciplined balance sheet has positioned it to take advantage of bitcoin’s pullback from its all-time high.
ProCap also repurchased 782,408 common shares over the last 10 days at a significant discount to net asset value (NAV). The company said the discount to net asset value narrowed during that period and it plans to continue buybacks as long as shares trade below their intrinsic value.
BRR shares traded more than 3.75% higher during US morning trading on Monday, possibly boosted by a surge in the price of bitcoin, which saw it gain more than 4.5% to sit above $68,500.
UPDATE (March 2, 13:30 UTC): Removes references to a 2% increase in BRR in the premarket period, calling any increase due to reduced volume.
UPDATE (March 2, 15:30 UTC): Add a paragraph about BRR’s price after the market open instead of its pre-market movement.
