ProCap Financial, a Nasdaq-listed company trading under the ticker BRR, sold approximately 50 BTC to fund the repurchase of over 2% of its outstanding common shares. The shares traded at roughly a 40% discount to net asset value, which stood at $3.71 per share on September 2, compared to a market price of $2.31. This operation reduced Bitcoin reserves by 0.9% while cutting the share count by 2%, resulting in a 1.1% increase in Bitcoin per share. Since the buyback program began, the company has retired approximately 10% of its outstanding shares. Anthony Pompliano, ProCap’s chairman and chief executive, stated that the company intends to continue exploiting the gap between its market price and underlying asset value.
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