ProCap Financial Shares Shift After Bitcoin Sale for Buyback — Discount on BRR NAV in Focus
ProCap Financial Inc unloaded around 52 Bitcoin to buy back 2 million shares at about a 50% discount to NAV, as it tried again to shrink the gap between BRR's stock price and the value of its assets. Chairman and CEO Anthony Pompliano said the move to sell a “small amount of Bitcoin” made sense since the stock was trading at “roughly half of NAV.” The company reported holding about 5,405 Bitcoin, had 88,730,996 shares out, and said NAV was about $3.47 a share at the May 29 close. BRR is in focus for traders. The stock finished Monday at $2.34, up 8.84%. Investing.com had BRR shares at $2.31 in premarket at 09:01 ET. Nasdaq's regular session wasn't set to