There are two companies that manage Bitcoin reserves, but each does it in a completely different way...



The first company (ProCap) sold 52 Bitcoins and repurchased 2 million shares at a 50% discount to net asset value. The goal of this move is to increase the amount of Bitcoin that each share owns (i.e., improve “Bitcoin per share”). It currently owns about 5,405 Bitcoins...

The second company (Metaplanet) announced that it did not repurchase any shares during May, despite having an approved share buyback program worth 75 billion yen since October. And even when the stock was trading below the value of the assets, the company did not use this program...
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