NEW YORK, June 2, 2026, 09:12 EDT
ProCap Financial Inc unloaded around 52 Bitcoin to buy back 2 million shares at about a 50% discount to NAV, as it tried again to shrink the gap between BRR’s stock price and the value of its assets. Chairman and CEO Anthony Pompliano said the move to sell a “small amount of Bitcoin” made sense since the stock was trading at “roughly half of NAV.” The company reported holding about 5,405 Bitcoin, had 88,730,996 shares out, and said NAV was about $3.47 a share at the May 29 close. Business Wire
BRR is in focus for traders. The stock finished Monday at $2.34, up 8.84%. Investing.com had BRR shares at $2.31 in premarket at 09:01 ET. Nasdaq’s regular session wasn’t set to open until 9:30 a.m. Eastern.
Bitcoin slipped ahead of the open, last seen around $69,003, off 4.1%. That’s notable for ProCap, since bitcoin is more than just a tracked asset—it’s what investors use to measure the company’s per-share value.
Buying back shares below NAV can boost value for those still holding, since it means fewer shares each tied to the same assets. But here, ProCap funded the buyback by selling some of its Bitcoin.
The company said it has close to 20 years of runway at current spending rates, even if revenue stays at zero and Bitcoin’s price does not rise. Runway is how long it says it can keep running before it needs fresh capital.
ProCap has a balance sheet tied to a volatile token. The company’s first-quarter filing shows $372.3 million in digital assets out of $401.5 million total as of March 31. Net loss came in at $107.8 million, with $105.5 million of that from marking digital assets to fair value. Fair value means the assets are booked at market prices.
Strategy Inc is the peer here, a bigger Bitcoin-treasury firm. The company said on June 1 it sold 32 Bitcoin for $2.5 million from May 26 to May 31 to pay for preferred-stock distributions. But as of May 31, it still held 843,706 Bitcoin.
ProCap’s move is getting more scrutiny now. Bitcoin-treasury companies aren’t just compared by how much bitcoin they own—they’re under the lens for how they handle discounts, cash, dilution. ProCap is still small next to Strategy, but both have shown they will sell bitcoin if their balance sheet needs it.
The trade doesn’t always work out. If Bitcoin slides further, ProCap’s NAV could drop faster than buybacks can lift the market discount. In its own filing, the company says its Bitcoin holdings don’t produce cash and face custody, cybersecurity, regulatory and technical risks. Thin premarket volume might make the early read less reliable.
Next up is how BRR trades after the Nasdaq open. Monday’s buyback news will get tested on real volume as investors decide if it pulls in new buyers or if ProCap just stays priced as a Bitcoin play with clear operating risk.
