ProCap Financial (BRR), which calls itself the first publicly traded agent financing 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 purchased 148,241 shares of BRR on the open market on February 20. That implies a purchase price in the area of $2.30 per share, for a total amount of approximately $341,000. It’s not exactly a gigantic purchase, given that the company has raised more than $750 million from investors and currently has more than 5,000 bitcoins worth about $335 million on its balance sheet.
The company further said that the shares were purchased at approximately a 35% discount to the net asset value of the bitcoins it holds.
“Last week we were able to buy $1 of our shares for about $0.65,” he said.
President and CEO Anthony Pompliano. “We plan to aggressively purchase as many of our shares as possible, provided the market sells us shares at a substantial discount to net asset value.”
BRR shares are modestly outperforming other bitcoin treasury companies in Monday morning U.S. trading, rising 3% to $2.42.
