The move reduces the share count while leaving the company’s Bitcoin reserves largely intact. As of May 29, 2026, ProCap held approximately 5,405 Bitcoin and reported a NAV per share of approximately $3.47 — against a closing stock price of $2.15 on that date, a gap of roughly 38%.
“Since BRR was trading at roughly half of NAV, converting a small amount of Bitcoin into repurchased shares increased the amount of Bitcoin owned by all remaining shareholders,” said Anthony Pompliano, Chairman and CEO.
ProCap’s logic behind the sale
The arithmetic behind the strategy is straightforward: when a stock trades at a steep discount to its underlying asset value, retiring shares at that discount transfers more assets per share to continuing holders than an equivalent direct asset purchase would.
ProCap has pursued this approach since December 2025, when it established a formal share repurchase program. In the months since, the company has disclosed individual buyback transactions ranging from roughly 150,000 to 200,000 shares at discounts between 25% and 35%. Monday’s two-million-share repurchase marks the largest single transaction disclosed to date.
