Bitcoin Treasury Company ProCap's Stock Price Crashes 85% from All-Time High, Initiates Buyback Plan

On February 24, crypto investor Anthony Pompliano’s publicly traded Bitcoin treasury firm ProCap Financial is repurchasing its BRR stock to narrow a steep discount to its Net Asset Value (NAV). ProCap recently bought back 148,241 BRR shares, valued at roughly $359,000. Its current NAV stands at ~$305 million, while market cap is under $202 million—putting its mNAV (market cap-to-NAV ratio) below 1. Pompliano noted the firm “paid ~$0.65 for every $1 of stock value” last week and will keep actively repurchasing as long as shares trade well below NAV. ProCap holds 5,007 BTC, worth ~$325 million at current prices, per data. The firm has been repurchasing shares since December 2025, having bought back ~2% of its outstanding shares to date. Pompliano previously invested $1 million of his own money into BRR shares and said he’ll only earn equity incentives once the stock hits $15. In secondary trading, BRR closed at $2.42 on Monday—down ~76% over the past six months and 85% from its 2023 high. Bitcoin, meanwhile, dropped ~4% in the last 24 hours to trade at ~$64,888, retracing nearly 49% from its October 2023 peak above $126,000.