Bitcoin treasury company ProCap repurchases shares after crypto slump

Reuters02-24

Bitcoin treasury company ProCap repurchases shares after crypto slump

By Hannah Lang

Feb 23 (Reuters) - Bitcoin treasury company ProCap Financial Inc BRR.O repurchased more than 148,000 shares of its common stock, it said on Monday, as bitcoin prices have slumped and dragged down shares of crypto hoarding companies.

ProCap, which is led by entrepreneur Anthony Pompliano, went public via a special-purpose acquisition company in December after raising more than $750 million from investors.

Here are some details:

ProCap purchased 148,241 shares on February 20 at an approximately 35% discount to the net value of the assets it holds
The company has committed to further closing the discount "through aggressive stock buybacks," it said in a press release
ProCap holds more than 5,000 bitcoin, worth about $326 million
“Every great investor knows it is a good idea to buy assets for less than they are worth," said Pompliano, the CEO and chairman of ProCap
ProCap earlier this month agreed to acquire CFO Silvia, an artificial intelligence-powered money management tool that Pompliano co-founded
Bitcoin is down more than 47% from its all-time high of above $125,000, which it hit in October

(Reporting by Hannah Lang in New York; editing by Barbara Lewis)

((Hannah.Lang@thomsonreuters.com;))

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ProCap, which is led by entrepreneur Anthony Pompliano, went public via a special-purpose acquisition company in December after raising more than $750 million from investors. 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