Anthony Pompliano, the vocal Bitcoin advocate who runs ProCap Financial, has filed for a set of ETFs that would give retail investors access to a peculiar cocktail: Bitcoin, gold, firearms-related equities, and shares trading below their net asset value. No minimum investment required.
What the filings actually propose
The ETF lineup reportedly includes a product combining Bitcoin and gold exposure with defense-sector equities. A separate filing targets what’s described as an mNAV discount strategy, designed to buy Bitcoin-linked shares when they trade below their market net asset value.
When publicly traded companies hold Bitcoin on their balance sheets, their stock price doesn’t always reflect the full value of those holdings. Sometimes shares trade at a premium to the underlying Bitcoin, sometimes at a discount. The mNAV discount ETF would systematically target those discounted opportunities, buying when the market is effectively pricing BTC holdings cheaper than they’re actually worth.
Pompliano is intimately familiar with this dynamic. ProCap Financial has executed share buybacks at roughly 35% discounts to NAV. When your stock trades at 65 cents on the dollar relative to what you actually hold, buying back your own shares is about as close to free money as public markets offer.
