ProCap Financial, the bitcoin treasury company led by Anthony Pompliano, has accelerated its share repurchase program as the discount to net asset value (NAV) narrows further.
On February 26, 2026, the company announced the repurchase of 159,904 shares of its common stock (BRR) in the open market on February 25, 2026. These shares were acquired at an approximate 28% discount to NAV, continuing the firm's strategy to buy back undervalued equity amid market conditions.
This follows closely on prior aggressive moves. Just days earlier, on February 24, 2026, ProCap repurchased 155,561 shares at roughly a 32% discount to NAV, after acquiring 148,241 shares on February 20, 2026, at approximately 35% discount NAV. The buyback program, initiated in December 2025, is structured to retire as many shares as possible while BRR trades below its intrinsic value.
"We said we would be aggressive and we meant it. The program is working and we are not letting up. If BRR continues to trade at a significant discount to NAV, we will keep buying. Every purchase is accretive to our shareholders," said Anthony Pompliano, Chairman and CEO of ProCap Financial.
Pompliano reinforced the commitment on X the same day: "We accelerated our share buybacks yesterday at $BRR. The NAV discount continues to close. We will continue to aggressively repurchase shares as long as the market is irrational."
Current company metrics indicate NAV around $316 million, with basic shares outstanding at 82,800,271, resulting in NAV per basic share of approximately $3.82. The stock remains at about a 28% discount despite the recent narrowing.
ProCap maintains a substantial Bitcoin treasury exceeding 5,000 BTC and has previously optimized its capital structure, including the repurchase of $135 million in convertible notes for $119 million. The ongoing buybacks highlight disciplined capital allocation in a volatile environment, turning the market's perceived irrationality into direct shareholder value.
Management has signaled the program will persist for as long as shares trade at a meaningful discount to NAV, underscoring confidence in the company's bitcoin-backed balance sheet and long-term strategy as a publicly traded agentic finance firm.