ProCap Sells Bitcoin to Buy Back Discounted Shares and Raise BTC per Share
ProCap Financial sold about 50 BTC to repurchase more than 2 percent of shares trading 38 percent below NAV, increasing Bitcoin exposure for remaining holders to 5,305 BTC against 86.8 million shares.
ProCap Financial sold roughly 50 BTC to repurchase more than 2 percent of its outstanding shares while they traded about 40 percent below net asset value. The move lifted Bitcoin holdings per share for remaining investors.
As of September 2 the company held 5,305 BTC against 86.8 million shares outstanding, down from 5,355 BTC and 88.6 million shares at the end of June. Bitcoin per share rose about 1.1 percent over the period, and the buyback program has now retired roughly 10 percent of shares since it began.
Outlook
Chairman and chief executive Anthony Pompliano said the firm will continue the program. “We continue to repurchase shares of $BRR while they trade significantly below NAV,” he stated. At the September 2 calculation, NAV stood at about $3.71 per share against a closing price of $2.31.
Further repurchases remain discretionary and subject to available liquidity. The company reported $15.3 million in cash and a working-capital deficit at June 30.