I’ll be in Suchitoto, El Salvador for the next week followed by a few days in San Salvador and a longer trip to Montevideo, Uruguay. I’m open to a small number of in-person conversations. If you’re based locally, or know someone here you think it would be worthwhile for me to meet, feel free to … Read more
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
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
Introduction: I think about ProCap Financial as two businesses. The company owns 5,457 Bitcoin worth $354MM as of August 7th, 2026. There is also a startup AI-powered financial business called CFO Silvia. The total market capitalization (aggregate value) of the company is $238MM which means that you’re paying 67% of NAV if you buy the … Read more
