ProCap Financial has launched its share repurchase program, marking its first step toward narrowing the gap between its stock price and net asset value. The company, led by Anthony Pompliano, disclosed that it repurchased 148,241 shares in the open market on February 20, representing a total outlay of approximately 350,000 dollars.
The average purchase price was around 2.30 dollars per share, a level the company said reflected roughly a 35 percent discount to the net asset value of the bitcoin held on its balance sheet. Management indicated that buying back shares at a substantial discount allows the firm to effectively acquire one dollar of intrinsic value for about 65 cents, enhancing shareholder value per share.
ProCap Financial, which trades under the ticker BRR, describes itself as the first publicly traded agentic finance firm. The company has raised more than 750 million dollars from investors and holds 5,007 bitcoin valued at roughly 335 million dollars at current market prices. In addition to its bitcoin reserves, the firm reports holding about 70 million dollars in cash and 100 million dollars in convertible debt.
Despite the size of its balance sheet and capital raised, the initial buyback represents a relatively modest allocation of funds. However, company leadership signaled that further repurchases could follow if the discount to net asset value remains wide. Closing this discount has become a central focus for several publicly traded bitcoin treasury firms, as share prices often diverge from the underlying value of digital asset holdings.
Bitcoin treasury companies have grown in prominence over recent years as investors seek equity exposure to digital assets through regulated public markets. These firms accumulate bitcoin on their balance sheets and may use capital markets strategies such as convertible debt issuance or equity offerings to expand holdings. When shares trade below the value of bitcoin owned per share, buybacks can serve as a mechanism to improve per share metrics and signal confidence in the underlying asset strategy.
BRR shares rose approximately 3 percent to 2.42 dollars in early trading, modestly outperforming other bitcoin treasury companies during the same session. The broader crypto market has experienced heightened volatility in recent weeks, contributing to fluctuations in both bitcoin prices and related equities.
As institutional participation in bitcoin treasury strategies expands, market participants continue to monitor how companies manage capital allocation, leverage and share structure. Share repurchase programs may become a more common tool among digital asset focused firms seeking to align market valuation more closely with balance sheet holdings.
