A public company sold Bitcoin and somehow gave each shareholder more BTC exposure

ProCap Financial sold Bitcoin to buy back discounted shares, lifting BTC exposure for remaining investors.The Nasdaq-listed company sold about 50 BTC and repurchased more than 2% of its common stock while shares traded roughly 40% below net asset value, extending a strategy that has now retired about 10% of outstanding shares since its buyback program began.ProCap reported about 5,305 BTC and 86.8 million shares outstanding as of Sept. 2, down from 5,355 BTC and 88.6 million shares at the end of June.The Bitcoin balance fell about 0.9% over that period, while the share count declined roughly 2%. That lifted Bitcoin per share by about 1.1%, showing how buying stock below NAV can offset a smaller treasury even as the company sells some of its Bitcoin.Anthony Pompliano, ProCap’s chairman and chief executive, said the company intends to keep exploiting the gap between its market price and underlying asset value.“We continue to repurchase shares of $BRR while they trade significantly below NAV,” Pompliano said. “We have now repurchased approximately 10% of shares outstanding since we started the buyback program.”BRR discount flips the Bitcoin treasury playbookThe strategy reverses the u...