Anthony Pompliano's ProCap Financial disclosed this week it purchased 450 Bitcoin as prices retreated from record highs, bringing its total holdings to 5,457 BTC. The company also repurchased 782,408 common shares over the past 10 days, citing a significant discount to net asset value (NAV). ProCap said the purchase lowered its average cost basis and aligns with its treasury and capital strategy.
450 BTC Purchase and Cost Reduction
According to the firm, the buy was executed while market prices fell from recent peaks. Pompliano addressed the approach on X, emphasizing balance sheet discipline. He noted that regulatory limits cap daily repurchases, so the firm buys the maximum allowed each day. Over ten days, total repurchases were under one million shares.
Share Buyback and NAV Discount Strategy
ProCap stated it will continue buying back shares as long as the NAV discount remains meaningful. The company has 82,640,367 basic shares outstanding and trades on Nasdaq under ticker BRR. ProCap describes itself as the first publicly traded agentic finance firm, having raised over $750 million since its founding in 2025.
Economist Questions vs. Pompliano's Response
Economist Peter Schiff questioned the decision to buy Bitcoin while shares trade below NAV, arguing discounted shares offer cheaper exposure. Pompliano countered that daily repurchase limits prevent larger buybacks, and the firm aims to optimize both BTC accumulation and share repurchases within constraints.
Market Background and Analyst Data
Analyst Milk Road reported Bitcoin has recorded five consecutive red monthly candles, a pattern last seen in 2018 and 2019, which preceded a sharp rebound. Meanwhile, Michael Saylor's Strategy recently acquired 3,015 BTC for $204.1 million, indicating continued institutional accumulation during the pullback.