ProCap Financial increases share buybacks amid stock plunge

ProCap Financial, a Bitcoin treasury company led by Pomp Investments founder Anthony Pompliano, is expanding its share buybacks following a sharp decline in its stock price, Decrypt reported. The company recently purchased an additional 148,241 BRR shares, valued at $359,000. ProCap aims to restore its market net asset value (mNAV) to a level of one and enhance shareholder value through the buybacks. The company, which currently holds 5,007 BTC, began its buyback program last December and has since repurchased approximately 2% of its total outstanding shares. At that time, Pompliano also personally invested $1 million to purchase company stock. Meanwhile, BRR's share price has fallen by about 85% from its peak.