ProCap Financial sold 50 Bitcoin and bought back 2% of its stock. The company says they repurchased the stock at a 40% discount to NAV. I had the discount slightly lower. The difference is probably due to the treatment of the warrants, but either way, these moves are highly value accretive to shareholders. The stock … Read more
MannKind paid the first $.75 from the scPharma CVR. I have the cash in my account. As a reminder, we paid $.31 for the CVR. 11 months later, our return on that is 142%. If Furoscix sales meet guidance, we’ll collect an additional $.10 – $.25 in early 2027. The information we provide is … Read more
It’s just past 1pm in New York as I write this. $BRR up 10.2% Gold up 3.4% Bitcoin up 5.7% Silver up 3.4% 10-Year Treasury yield down 3bp (.03%) 30-Year Treasury yield down 7bp (.07%) That’s a lot of volatility in assets that typically aren’t very volatile. It’s also a lot of volatility for $BRR … Read more
Monday’s writeup on $BRR has already yielded some excellent subscriber questions. Let’s address them: Phil asks: Was curious on how you view the convertible debt on their balance sheet. At $99MM it’s quite significant. There seems to be increased concern recently from other BTC companies about such debt and a concerted effort to remove … Read more
