ProCap Financial increased its holdings by 450 BTC and accelerated share buybacks to narrow the NAV discount.

PANews reported on March 2nd that, according to Business Wire, ProCap Financial (NASDAQ: BRR) announced the purchase of 450 new Bitcoins, bringing its total holdings to 5,457 and further reducing the cost per Bitcoin. In the past 10 days, the company repurchased 782,408 shares of common stock at a price significantly lower than its net asset value (NAV), during which time the discount of BRR's share price relative to NAV narrowed. The company stated that it will continue its aggressive buyback strategy as long as the share price remains significantly below NAV. The company currently has 82,640,367 shares outstanding. Chairman and CEO Anthony Pompliano stated that the company is simultaneously utilizing the Bitcoin pullback and the market's mispricing of BRR for an "aggressive" asset allocation.