ProCap's latest 450
$BTC purchase — bringing total holdings to 5,457 BTC worth roughly $376 million — is only half the story.
The more interesting part is the buyback mechanics running alongside it. Over the past several weeks the company has repurchased shares at discounts ranging from 25% to 35% below estimated NAV, totaling over 700,000 shares against roughly 82.6 million outstanding.
Pompliano's framing is straightforward: buy Bitcoin to average down cost basis, buy back stock when the market misprices it — both accretive to shareholders.
The broader context is that more than 200 publicly traded companies now collectively hold around $150 billion in crypto, and many trade at significant discounts to NAV.
ProCap isn't alone in this problem, but it's one of the few actively running a structured buyback program to close the gap. Whether the mNAV discount narrows on fundamentals or just on Bitcoin recovering is a question the data hasn't answered yet.
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