ProCap Financial has increased its bitcoin holdings to 5,457 BTC after purchasing an additional 450 coins during a recent market pullback.
The bitcoin treasury company said the move lowered its average cost basis per coin while reinforcing its capital allocation strategy amid continued volatility in crypto and equity markets.
ProCap also disclosed it repurchased 782,408 shares over the past 10 days at prices significantly below its calculated net asset value per share, aiming to narrow the discount between market price and intrinsic value.
Nasdaq-traded shares rose 7.17% to $2.84 in Monday morning trading, reflecting investor response to the combined bitcoin acquisition and buyback programme.
The company, which raised more than $750 million before going public via a SPAC merger last year, is seeking to address pressure on bitcoin treasury firms as sector-wide NAV premiums compress.
ProCap’s multiple-to-NAV ratio currently stands around 0.24, indicating its shares trade at a steep discount to the value of its underlying bitcoin holdings.
Industry observers have noted that traditional mNAV metrics may not fully capture the value of treasury companies with broader operating strategies, though ProCap’s latest moves signal a direct attempt to close the valuation gap.
At the time of reporting, Bitcoin price was $68,942.88.