ProCap Financial (BRR), the first listed agency financial company, has purchased 450 Bitcoins increasing its total holdings to 5,457 BTC.
The acquisition makes ProCap the 19th largest publicly traded Bitcoin holder while lowering the company’s average cost base per Bitcoin.
BRR shares rose 2% in pre-market trading following the news, while Bitcoin traded above $66,000.
Chairman and CEO Anthony Pompliano said the company is executing a dual strategy of “purchasing Bitcoin to evenly reduce our total cost base and buying back our own stock when the market misprices it,” adding that both actions will add value to shareholders. He noted that the company’s tight balance sheet allowed it to take advantage of Bitcoin’s pullback from all-time highs.
ProCap also repurchased 782,408 shares of common stock in the past 10 days at a significant discount to net asset value (NAV). The company said its discount to net asset value has narrowed during the period and it plans to continue repurchasing shares as long as the stock price trades below intrinsic value.
