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Anthony Pompliano led Procap Financial dips toe into buybacks

AI Summary3 min read

TL;DR

ProCap Financial, led by Anthony Pompliano, initiated a share buyback program, purchasing 148,241 shares at a 35% discount to NAV to narrow the stock price gap. The company holds significant bitcoin assets and plans aggressive buybacks while its stock outperforms peers.

Anthony Pompliano. (CoinDesk)

What to know:

  • ProCap Financial repurchased 148,241 shares at what is said was about a 35% discount to NAV..
  • BRR holds 5,007 BTC worth about $335 million, $70 million in cash, $100 million in convertible debt.
  • The company said it is committed to narrowing that NAV discount.
  • ProCap Financial repurchased 148,241 shares at what is said was about a 35% discount to NAV..
  • BRR holds 5,007 BTC worth about $335 million, $70 million in cash, $100 million in convertible debt.
  • The company said it is committed to narrowing that NAV discount.

ProCap Financial, (BRR), which calls itself the first publicly traded agentic finance firm, has begun its share repurchase program aimed at closing the discount between its stock price and net asset value (NAV).

The company said it bought 148,241 BRR shares in the open market on Feb. 20. That implies a purchase price in the area of $2.30 per share, for a total amount of roughly $341,000. It's not exactly a mammoth purchase, given the company has raised more than $750 million from investors and currently holds more than 5,000 bitcoin worth about $335 million on its balance sheet.

The company further said the shares were purchased at roughly a 35% discount to the net asset value of the bitcoin it holds.

"We were able to buy $1.00 of our stock for approximately $0.65 last week," said
Chairman and CEO Anthony Pompliano. "We plan to aggressively buy as much of our stock as we can as long as the market will sell us shares at a substantial discount to NAV."

BRR shares are modestly outperforming other bitcoin treasury companies in U.S. Monday morning trade, rising 3% to $2.42.

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