ProCap Financial Sells 50 Bitcoin to Repurchase Shares at 22% Discount
ProCap Financial (Nasdaq: BRR) has continued its strategy of buying back shares at a discount by selling approximately 50 Bitcoin. This move was made to repurchase shares that are trading roughly 22% below net asset value (NAV). The company's September 16 transaction is the latest in a series of moves that have reduced the outstanding share count by about 12.2% since December 2025.
The sale leaves ProCap with around 5,254 BTC across 84,937,392 outstanding shares, putting the estimated NAV per share at approximately $3.62. This is not the first time ProCap has trimmed its Bitcoin stack to scoop up discounted equity; earlier in September 2026, a similar trade was executed, selling roughly 50 BTC to repurchase over 2% of shares at an even steeper discount, around 40% below NAV.
The trend line here is actually encouraging for shareholders: the discount has been narrowing with each successive buyback, from 50% to 40% to 22%. ProCap retains a $100 million authorization for repurchase activity, giving it substantial dry powder to continue this strategy if the discount persists. Management's thesis is elegantly simple: when shares trade below NAV, selling a small amount of Bitcoin to retire those shares increases the Bitcoin-per-share ratio for everyone who stays.