A public company sold Bitcoin and somehow gave each shareholder more BTC exposure | Bitcoin featured

Currencies39029
Market Cap$ 2.76T+0.93%
24h Spot Volume$ 53.82B+21.8%
DominanceBTC57.65%-0.09%ETH10.82%+0.12%
ETH Gas0.53 Gwei
BitcoinFeaturedTradingNasdaqTradFiDigital Asset TreasuriesProCap
Sep 4, 2026
2min read
byOluwapelumi Adejumo
forCryptoSlate

Nasdaq-listed ProCap sold about 50 BTC to repurchase more than 2% of its common stock as shares traded roughly 40% below net asset value, retiring about 10% of shares since the buyback program began; BTC holdings fell from 5,355 to 5,305 BTC and shares outstanding declined from 88.6M to 86.8M as of Sept. 2, 2026. The moves lifted Bitcoin per share by about 1.1% and ProCap reported NAV of $3.71 vs BRR price $2.31 (≈38% discount) with $84.4M remaining under a $100M buyback, though $15.3M cash, $99.6M convertible-note principal and a $77.3M working-capital deficit create liquidity and funding risk; the crypto treasury buyback strategy is supportive of shareholder BTC exposure and valuation.

See what traders are focused on

ProCap Financial sold Bitcoin to buy back discounted shares, lifting BTC exposure for remaining investors.

The Nasdaq-listed company sold about 50 BTC and repurchased more than 2% of its common stock while shares traded roughly 40% below net asset value, extending a strategy that has now retired about 10% of outstanding shares since its buyback program began.

ProCap reported about 5,305 BTC and 86.8 million shares outstanding as of Sept. 2, down from 5,355 BTC and 88.6 million shares at the end of June.

The Bitcoin balance fell about 0.9% over that period, while the share count declined roughly 2%. That lifted Bitcoin per share by about 1.1%, showing how buying stock below NAV can offset a smaller treasury even as the company sells some of its Bitcoin.

Anthony Pompliano, ProCap’s chairman and chief executive, said the company intends to keep exploiting the gap between its market price and underlying asset value.

“We continue to repurchase shares of $BRR while they trade significantly below NAV,” Pompliano said. “We have now repurchased approximately 10% of shares outstanding since we started the buyback program.”

BRR discount flips the Bitcoin treasury playbook

The strategy reverses the usual approach used by Bitcoin treasury companies, which often issue stock when shares trade at a premium and use the proceeds to accumulate more Bitcoin.

For ProCap, the economics shift when its own stock trades well below the value of the Bitcoin and cash backing each share. At Sept. 2, ProCap calculated NAV at about $3.71 per share, while BRR closed at $2.31, a discount of roughly 38%.

Selling some Bitcoin to retire deeply discounted shares can therefore leave each remaining share representing a larger portion of the company’s treasury.

ProCap used the same approach in June, when it sold about 52 BTC and repurchased two million shares at an estimated 50% discount to NAV.

The company still had $84.4 million remaining under its $100 million buyback authorization at June 30, though further purchases remain discretionary.

Its ability to keep repeating the trade will also depend on liquidity. ProCap reported $15.3 million in cash at June 30, along with $99.6 million of convertible-note principal and a $77.3 million working-capital deficit driven largely by how the notes were classified.

As long as BRR remains deeply discounted, however, ProCap has an unusual incentive: selling Bitcoin may increase the Bitcoin backing each share faster than simply holding every coin.

Source: cryptorank.io