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ProCap Financial, led by crypto investor Anthony Pompliano, has repurchased 148,241 shares of its BRR stock as the firm trades at a steep discount to its net asset value.
The company’s NAV, calculated as cash and Bitcoin holdings minus convertible debt, stands near $305 million, while its market capitalisation is under $202 million, implying shares are trading well below underlying asset value.
“We were able to buy $1.00 of our stock for approximately $0.65 last week,”
Pompliano said, adding that:
“The firm plans to aggressively buy as much of our stock as we can as long as the market will sell us shares at a substantial discount to NAV.”
ProCap holds 5,007 BTC valued at roughly $325 million and began repurchasing shares in December, having reacquired about 2% of outstanding stock earlier this month.
Digital asset treasury firms such as Strategy have historically traded at premiums to their crypto holdings, but falling prices in Bitcoin and other assets have pushed many such firms below an mNAV of 1.
BRR shares closed at $2.42 on Monday, down 76% over the past six months and 85% from last year’s peak, meaning the stock would need to rise roughly 520% to trigger Pompliano’s equity compensation threshold of $15 per share.
Bitcoin itself was trading near $64,888, down nearly 49% from its October high above $126,000, underscoring broader pressure across crypto-linked equities and treasury vehicles.
At the time of reporting, Bitcoin price was $63,198.79.