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ProCap Financial, owned by Morgan Creek Digital co-founder Anthony Pompliano, has announced the acquisition of 450 bitcoins for approximately $35 million. This transaction was executed as part of a share buyback program.
Following this purchase, ProCap’s total bitcoin holdings reached 5,457 BTC. The company has over 82 million shares outstanding. With the price of bitcoin around $67,000, ProCap’s cryptocurrency reserves are valued at roughly $375 million. In this regard, the company ranks 19th among the largest corporate holders of BTC.
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“ProCap is simultaneously implementing two strategies: acquiring bitcoins to average down the overall cost basis and repurchasing its own shares when the market undervalues them. This creates value for shareholders. Through balance sheet management, we have the resources to further increase our bitcoin positions, which remain significantly below historical highs,” stated Pompliano.
In June, ProCap merged with Columbus Circle Capital, forming ProCap Financial, and announced plans to acquire bitcoins worth up to $1 billion. By that time, the company had raised over $750 million: $516.5 million through equity issuance and $235 million via convertible bonds.
Amid the decline in the cryptocurrency market that began last fall, ProCap’s shares, which had previously traded above $10, saw a significant drop in November. Following the announcement of the purchase of 450 BTC, the stock price increased by 6% to $2.80.
Previously, Strategy, one of the largest corporate bitcoin holders, reported the acquisition of 3,015 BTC for $204.1 million. Its total reserves reached 720,737 BTC, accounting for over 3% of the current bitcoin supply.
