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Just saw ProCap Financial (BRR) is dipping its toe into buyback territory - picked up 148k shares at roughly $2.30 per share last month, which was apparently 35% cheaper than their NAV. CEO Pompliano called it a solid deal: buying $1 of stock for like $0.65. Pretty cheeky if you ask me.
The company's sitting on over 5,000 BTC (worth around $370M now), plus $70M cash and $100M in convertible debt. So the buyback is more of a statement move than a portfolio game-changer, but the intent is clear - they want to close that NAV discount gap. Says they'll aggressively scoop up shares whenever the market's willing to sell at a discount.
Stock's up 3% to $2.42 in early trading. Interesting to see treasury companies playing the buyback card. Makes you wonder if this becomes a trend among the other BTC holders.