ProCap Financial (BRR), the first publicly traded agent financing company, purchased 450 bitcoins increasing his total holdings to 5,457 BTC.
The acquisition makes ProCap the 19th largest publicly traded Bitcoin holder, while reducing the company’s average cost per coin.
BRR shares rose 2% in pre-market trading following the announcement, while bitcoin traded above $66,000.
Chairman and CEO Anthony Pompliano said the company is executing a dual strategy: “buying Bitcoin to reduce our total cost and repurchasing our own shares when the market misprices them,” adding that both actions are accretive to shareholders. He noted that the company’s disciplined balance sheet allowed it to benefit from Bitcoin’s pullback from its all-time high.
ProCap also repurchased 782,408 common shares in the last 10 days at a significant discount to net asset value (NAV). The company said the discount to net asset value had narrowed during this period and planned to continue redemptions as long as the shares were trading below their intrinsic value.
