TechFlow News, March 2: According to CoinDesk, Bitcoin treasury company ProCap Financial (BRR) has acquired 450 bitcoins, bringing its total holdings to 5,457 bitcoins and lowering its average cost basis. This acquisition makes ProCap the 19th-largest publicly traded Bitcoin holder.
Anthony Pompliano, the company’s Chairman and CEO, stated that ProCap is executing a dual strategy: “buying Bitcoin to lower its overall cost basis and repurchasing its own shares when the market misprices them”—both actions being beneficial to shareholders. He noted that the company’s strong balance sheet enables it to capitalize on Bitcoin’s pullback from historical highs.
In addition, ProCap has repurchased 782,408 common shares over the past 10 days at a significant discount to net asset value (NAV).
