ProCap Financial Sells 50 BTC to Buy Back 12.2% of Shares

ProCap Financial ($BRR) has sold approximately 50 Bitcoin (BTC) coins to purchase additional company shares. The cumulative share repurchase now represents about 12.2% of outstanding shares, while the company's Bitcoin holdings decreased to around 5,254 coins. ProCap Financial announced it purchased an additional 2.2% of its publicly traded common stock at a price approximately 22% below net asset value (NAV) starting September 3. As of the close of U.S. markets on September 15, there were 84,937,392 outstanding shares with a NAV per share of about $3.62 (approximately 4,923 KRW).

The company stated that Bitcoin sale proceeds were used for this share repurchase. The Bitcoin holdings decreased from approximately 5,305 coins to around 5,254 after the transaction. Selling some Bitcoin to buy shares at a discount to NAV reduces total assets but can increase the Bitcoin proportion per remaining share. This approach contrasts with issuing new shares at a premium to NAV for additional Bitcoin purchases.

ProCap Financial previously announced on September 3 that it sold about 50 BTC to repurchase over 2% of its issued shares at approximately a 40% discount to NAV. At that time, the company held around 5,305 BTC, with 86,764,282 outstanding shares and an NAV per share of about $3.71. Earlier reports indicated cumulative share repurchases had reached about 10% of outstanding shares before this latest transaction.

The company stated it plans to continue buying back shares while the stock trades below NAV.