ProCap Adds 450 Bitcoin, Expands Holdings to 5,457
ProCap Financial has added 450 Bitcoin to its holdings, bringing its total to 5,457 Bitcoin. This makes the company the 19th-largest publicly traded holder of the asset. The acquisition reduces the firm's average cost basis per coin.
According to Chairman and CEO Anthony Pompliano, the company is running a dual approach: accumulating Bitcoin to lower its overall cost basis while simultaneously buying back its own stock when it believes the market has underpriced it. 'Both actions are accretive to our shareholders,' Pompliano said.
ProCap's 5,457 Bitcoin holdings were valued at nearly $375 million as of Monday morning. The company also holds over 82 million basic shares outstanding. Shares of BRR, ProCap's ticker, rose roughly 6% on Monday morning to $2.80, coinciding with Bitcoin gaining more than 4.5% on the day.