ProCap Financial (BRR), which bills itself as the first publicly traded agent financing company, has launched its share buyback program aimed at reducing the discount between its share price and net asset value (NAV).
The company said it purchased 148,241 BRR shares on the open market on February 20. This implies a purchase price of approximately $2.30 per share, for a total consideration of approximately $341,000. It’s not exactly a mammoth purchase, considering the company has raised over $750 million from investors and currently holds over 5,000 bitcoins worth around $335 million on its balance sheet.
The company further said that the shares were purchased at a discount of approximately 35% to the net asset value of the bitcoin it holds.
“We were able to buy $1.00 of our stock for about $0.65 last week,” said
Chairman and CEO Anthony Pompliano. “We plan to aggressively buy as many shares as possible as long as the market sells us shares at a substantial discount to NAV.”
BRR shares are slightly outperforming other Bitcoin cash companies in Monday morning U.S. trading, up 3% to $2.42.
