Anthony Pompliano’s Bitcoin Treasury ProCap Buys Back Stock Amid 85% Price Plunge

Logan Hitchcock

Tue, February 24, 2026 at 7:19 AM GMT+9 3 min read

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ProCap Financial, the publicly traded Bitcoin treasury firm of social media personality and crypto investor Anthony Pompliano, is buying back its own shares as it seeks to benefit shareholders and push its mNAV, or market net asset value back, towards 1.

The firm repurchased 148,241 shares of BRR, valued at nearly $359,000 as of the end of the trading day. Its NAV, which the firm calculates as its cash and Bitcoin holdings minus its convertible debts, currently sits around $305 million. The firm’s market cap is under $202 million, as of this writing.

"We were able to buy $1.00 of our stock for approximately $0.65 last week,” said Pompliano, the firm’s chairman and CEO, in a statement. “We plan to aggressively buy as much of our stock as we can as long as the market will sell us shares at a substantial discount to NAV.”

“Every great investor knows it is a good idea to buy assets for less than they are worth,” he added. “BRR shares are no different.”

The firm is not the first digital asset treasury to repurchase shares when its mNAV has fallen below 1.

When this is the case, a firm’s market cap is trading at less than the value of its net assets, and it is therefore better for shareholders for the firm to purchase shares, instead of crypto assets.

Historically, major crypto treasury firms like Strategy (formerly MicroStrategy) have traded at a premium to their underlying crypto holdings. But as the prices of top crypto assets like Bitcoin and Ethereum have fallen, so too have the premiums of the DATs that accumulate them, with nearly every notable crypto treasury firm now holding an mNAV below 1.

ProCap, which owns 5,007 BTC valued at about $325 million, first started repurchasing shares in December. By earlier this month, it had reacquired around 2% of the outstanding shares of BRR.

Pompliano committed $1 million of personal funds to acquire shares in the firm in December, adding that he did so “because I believe skin in the game is essential for leaders.” He’s paid a $1 salary, and does not earn any personal equity compensation unless ProCap trades at $15 a share, according to the firm.

Strategy’s 100th Bitcoin Purchase Ever Is Its Smallest Yet in 2026

Decrypt reached out to ProCap for comment but did not immediately receive a response.

On Monday, shares of BRR finished the day trading hands for $2.42—down about 76% in the last six months, and 85% from last year’s peak price. Shares would need to jump about 520% for Pompliano to trigger the personal equity compensation outlined by the firm.

Meanwhile, BTC has dropped nearly 4% in the last 24 hours and was recently changing hands at $64,888. It’s now down almost 49% from October’s peak price above $126,000.

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