ProCap Financial, Inc. continued its twin strategic thrusts this week with the acquisition of 450 Bitcoin, bringing its total holdings to 5,457 BTC and lowering its average cost basis per coin, the company announced.
The aggressive accumulation comes as Bitcoin trades near $65,000, presenting what management views as a long-term buying opportunity amid broader market volatility.
Chairman and CEO Anthony Pompliano said the Bitcoin purchases enhance the company’s balance sheet and position it to benefit from future upward movements in the flagship cryptocurrency.
“We are doing two things at the same time: buying Bitcoin to average down our total cost basis and buying back our own stock when the market misprices it,” Pompliano said. “Both actions are accretive to our shareholders.”
ProCap’s 5,457 Bitcoin holding now ranks it among the top 20 largest publicly traded corporate holders of BTC, according to Bitcointreasuries.net.
The company financed the latest acquisition through working capital and option exercises, deploying roughly $35.4 million in the transaction, according to an SEC filing posted March 2.
But ProCap’s strategy isn’t limited to digital assets. Alongside Bitcoin accumulation, the firm has embarked on an intense share repurchase campaign aimed at shrinking what has been a significant discount between its market price and net asset value (NAV).
ProCap’s aggressive buybacks to close NAV discount
Since late December 2025, ProCap has been executing an open-market share repurchase program that has gained momentum in early 2026. The board approved a $100 million buyback authorization late last year, giving management the flexibility to repurchase shares while the stock trades meaningfully below intrinsic value.
Over the past several weeks, the company has bought back shares at steep discounts:
- 148,241 shares at roughly a 35% discount to NAV on Feb. 20.
- 155,561 shares at around 32% below NAV on Feb. 23.
- 158,796 shares at approximately 30% discount on Feb. 24.
- 159,904 shares at an approximate 25–28% discount on Feb. 25–26.
Altogether, recent buybacks have totaled over 700,000 shares — a substantial repurchase pace given the roughly 82.6 million shares outstanding.
Pompliano has repeatedly framed the repurchases as “capital allocation 101,” arguing that buying back stock at deep discounts to estimated NAV boosts per-share value for long-term holders. “If the market wants to irrationally sell us shares below NAV, we will keep aggressively buying them,” he said.
Investors have taken note: the continued buybacks have helped narrow the discount to NAV over the past week, even as the company maintains that the work isn’t finished. Management has reiterated that buybacks will continue “for as long as BRR trades at a significant discount to NAV.”
