Bitcoin Treasury Firm ProCap Adds $31 Million in BTC as Stock Buybacks Grow
ProCap Financial, led by Anthony Pompliano, acquired 450 BTC (about $31 million), raising its total Bitcoin holdings to 5,457 BTC ($376 million). The firm also repurchased 782,408 shares ($2.2 million) of its stock (BRR) in the past 10 days to address its market capitalization lagging behind asset value. Pompliano stated the strategy is to average down Bitcoin costs and buy back undervalued stock, both benefiting shareholders. Bitcoin’s price is down 45% from its all-time high, while BRR shares have dropped over 72% in six months, widening the gap between market cap and net asset value (NAV). ProCap reports that buybacks have begun to reduce this discount; BRR continues to trade significantly below NAV, but the gap has narrowed, with mNAV improving to around 0.68. ProCap’s current market cap is $239 million, with an estimated NAV of $351 million after Bitcoin’s recent gains. BRR shares rose 7.5% Monday, 24% in the past month, but remain 82% below their 52-week high.
