The Bitcoin treasury company repurchased 782,000 shares below NAV as it increases Bitcoin exposure and works to close the gap between market price and asset value.
Bitcoin treasury company ProCap Financial has added to its digital asset reserves as it steps up efforts to reduce the gap between its share price and underlying net asset value (NAV), underscoring a focused capital allocation strategy amid volatility in the crypto and equity markets.
ProCap disclosed Monday that it acquired 450 Bitcoin (BTC) during the recent market pullback, bringing its total holdings to 5,457 BTC. The additional purchase also helped reduce the company’s average cost basis per coin.
At the same time, ProCap said it repurchased 782,408 of its shares over the past 10 days at prices trading significantly below its calculated NAV per share, narrowing the discount between market price and intrinsic value. The Nasdaq-traded shares were up 7.17% at last look in Monday morning trading, to $2.84 per share, according to Yahoo Finance.
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