Anthony Pompliano’s Bitcoin treasury company adds 450 BTC, expands share buybacks
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Crypto influencer and investor Anthony Pompliano's Bitcoin treasury company said Monday it has purchased 450 BTC as it steps up efforts to buyback its own shares.
"We are doing two things at the same time: buying Bitcoin to average down our total cost basis and buying back our own stock when the market misprices it," said Pompliano, who serves as both chairman and CEO of his digital asset treasury ProCap Financial. "Both actions are accretive to our shareholders. Our disciplined approach to our balance sheet has put us in a position to play offense now that Bitcoin has significantly fallen from the all-time high."
ProCap now owns 5,457 bitcoin, worth nearly $375 million as of Monday morning, and has over 82 million basic shares still outstanding, according to a statement.
Publicly-traded bitcoin treasuries have generally seen their share value deteriorate dramatically amid BTC's massive price drop, a decline that kicked off late last year. ProCap's shares, trading just over $10 per share for months after it began accumulating bitcoin, plummeted in November. The company's shares, ticker BRR, rose about 6% Monday morning to $2.80 as of 10:32 a.m. ET, according to Yahoo Finance.
In June, Pompliano announced that ProCap had merged with Columbus Circle Capital Corp. to form ProCap Financial, with plans to acquire up to $1 billion worth of bitcoin. At the time, the firm raised $516.5 million by offering equity and $235 million by selling convertible notes.
Strategy, the world's largest digital asset treasury, has also added to its bitcoin holdings. On Monday, Michael Saylor's firm said it had purchased over 3,000 BTC for approximately $204.1 million, bringing its total holdings to 720,737 BTC.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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source: https://www.tradingview.com/news/the_block:e3647c283094b:0-anthony-pompliano-s-bitcoin-treasury-company-adds-450-btc-expands-share-buybacks/
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