Just noticed BRR (ProCap Financial) is quietly buying back its own shares at a pretty significant discount. They grabbed 148,241 shares last month at around $2.30 per pop, which apparently represented about a 35% haircut to the actual net asset value of their bitcoin holdings. That's the kind of move you usually see when management thinks the market is severely underpricing what they actually own.

To give you some context on the balance sheet: Pompliano and team are sitting on over 5,000 bitcoin worth roughly $335 million, plus another $70 million in cash and $100 million in convertible debt. So when Pompliano mentioned they got to "buy $1.00 of stock for approximately $0.65," he wasn't exaggerating the discount situation. The CEO pretty much said they're planning to aggressively scoop up shares whenever the market keeps offering them at substantial discounts to NAV.

Stock's been holding up okay in early trading, up a few percent to $2.42 as of Monday morning. Pompliano's strategy here is pretty straightforward: close that valuation gap between what the market is pricing them at versus what their actual assets are worth. Whether it works depends on whether the discount persists or if the market eventually catches up to the underlying value. Either way, it's a signal the company thinks their shares are mispriced right now.