Bitcoin treasury company ProCap Financial Inc. announced on Monday that it has repurchased more than 148,000 shares of its common stock, as the price of Bitcoin has fallen, pushing down the stock prices of crypto custodians.
ProCap, led by entrepreneur Anthony Pompliano, went public through a special acquisition company in December after raising more than $750 million from investors.
Here are the details:
* ProCap purchased 148,241 shares on February 20th at approximately a 35% discount to the net value of its holdings.
*The company said in a press release that it is committed to further reducing the discount “through aggressive share buybacks.”
* ProCap holds over 5,000 Bitcoins worth approximately $326 million
* “Every good investor knows it’s a good idea to buy assets for less than they’re worth,” said Pompliano, CEO and chairman of ProCap.
* Earlier this month, ProCap agreed to acquire CFO Silvia, an artificial intelligence-powered money management tool co-founded by Pompliano.
*Bitcoin is down more than 47% from its all-time high of over $125,000 hit in October.
(Reporting by Hannah Lang in New York; Editing by Barbara Lewis)
