ProCap Financial doubles down on bitcoin and buybacks, adds 450 BTC
Anthony Pompliano’s ProCap Financial (BRR) has quietly expanded its bitcoin war chest, purchasing 450 BTC at roughly $69,090 per coin and bringing its total holdings to 5,457 BTC. The move pushes ProCap into the top 20 of publicly traded bitcoin holders — now the 19th-largest — while lowering the company’s average cost basis.
Pompliano, ProCap’s chairman and CEO, framed the activity as a two-pronged, shareholder-focused strategy: “buying bitcoin to average down our total cost basis and buying back our own stock when the market misprices it,” actions he said are accretive to shareholders. He added that the firm’s disciplined balance sheet has allowed it to take advantage of bitcoin’s pullback from its all-time high.
Alongside the crypto purchase, ProCap stepped up equity repurchases — buying back 782,408 shares of common stock over the past 10 days at a substantial discount to net asset value (NAV). The company said the NAV discount narrowed during that period and that it will continue repurchasing shares while they trade below intrinsic value.
Market reaction: BRR traded more than 3.75% higher during U.S. morning trading on Monday, likely helped by a broader crypto lift as bitcoin gained over 4.5% to top roughly $68,500.
Editor’s updates: (March 2, 13:30 UTC) Removed earlier reference to a 2% pre-market lift in BRR, noting thin volume; (March 2, 15:30 UTC) replaced the pre-market note with BRR’s movement after the market opened.
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