ProCap Financial (BRR), which bills itself as the first publicly traded agency finance company, has launched a share buyback program aimed at closing the discount between its stock price and net asset value (NAV).
The company announced on February 20 that it purchased 148,241 shares of BRR stock in the open market. This means the purchase price will be $2.30 per share, for a total purchase price of approximately $341,000. This isn’t a huge acquisition, considering the company has raised over $750 million from investors and currently has over 5,000 Bitcoins worth about $335 million on its balance sheet.
The company further stated that the shares were purchased at a discount of approximately 35% to the net asset value of its Bitcoin holdings.
“Last week, I was able to buy $1.00 of our stock for about $0.65,” he said.
Anthony Pompliano, Chairman and CEO; “To the extent that the market sells our shares at a significant discount to NAV, we plan to purchase our own shares as aggressively as possible.”
BRR stock slightly outperformed other Bitcoin government bond companies in Monday morning trading in the US, rising 3% to $2.42.
