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CoinPhoton
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ProCap buys 450 BTC, steps up share buybacks
Bitcoin treasury firm ProCap Financial, led by crypto investor Anthony Pompliano, said Monday it has purchased an additional 450 BTC while accelerating efforts to repurchase its own shares.
Pompliano, who serves as chairman and CEO, said the company is pursuing two strategies simultaneously: buying bitcoin to lower its overall cost basis and buying back stock when the market undervalues it. He described both moves as accretive to shareholders, particularly after Bitcoin’s sharp decline from its all-time high.
ProCap now holds 5,457 BTC, worth nearly $375 million as of Monday morning, and has more than 82 million basic shares outstanding, according to a statement.
Publicly traded bitcoin treasury firms have seen significant share price declines amid BTC’s steep drop since late last year. ProCap’s stock, trading under the ticker BRR, had hovered above $10 for months before plunging in November. Shares rose about 6% to $2.80 in Monday morning trading.
In June, Pompliano announced that ProCap merged with Columbus Circle Capital Corp. to form ProCap Financial, with plans to acquire up to $1 billion in bitcoin. The firm raised $516.5 million through equity offerings and $235 million via convertible notes.
Meanwhile, Strategy — the world’s largest digital asset treasury — also expanded its holdings. The company said it purchased more than 3,000 BTC for approximately $204.1 million, bringing its total holdings to 720,737 BTC.
Bitcoin treasury firm ProCap Financial, led by crypto investor Anthony Pompliano, said Monday it has purchased an additional 450 BTC while accelerating efforts to repurchase its own shares.
Pompliano, who serves as chairman and CEO, said the company is pursuing two strategies simultaneously: buying bitcoin to lower its overall cost basis and buying back stock when the market undervalues it. He described both moves as accretive to shareholders, particularly after Bitcoin’s sharp decline from its all-time high.
ProCap now holds 5,457 BTC, worth nearly $375 million as of Monday morning, and has more than 82 million basic shares outstanding, according to a statement.
Publicly traded bitcoin treasury firms have seen significant share price declines amid BTC’s steep drop since late last year. ProCap’s stock, trading under the ticker BRR, had hovered above $10 for months before plunging in November. Shares rose about 6% to $2.80 in Monday morning trading.
In June, Pompliano announced that ProCap merged with Columbus Circle Capital Corp. to form ProCap Financial, with plans to acquire up to $1 billion in bitcoin. The firm raised $516.5 million through equity offerings and $235 million via convertible notes.
Meanwhile, Strategy — the world’s largest digital asset treasury — also expanded its holdings. The company said it purchased more than 3,000 BTC for approximately $204.1 million, bringing its total holdings to 720,737 BTC.
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