ProCap Sells 50 Bitcoin to Fund Buyback as Shares Trade 40% Below NAV

ProCap Financial sold about 50 Bitcoin to fund a share buyback worth more than 2% of its outstanding stock, as its shares traded about 40% below the value of its Bitcoin holdings.

The sale reduced ProCap’s Bitcoin holdings to roughly 5,305 $BTC. The company has used share buybacks when its stock trades below its net asset value, or NAV.

ProCap said cumulative repurchases now equal about 10% of its outstanding shares. The company plans to continue reviewing buybacks when its stock trades significantly below the value of its assets.

Buyback Strategy Targets Deep Discount

ProCap launched its formal share repurchase program in December 2025. Earlier transactions typically involved 150,000 to 200,000 shares while the stock traded 25% to 35% below NAV.

Related: Bitcoin’s Gold Correlation Rises as Nasdaq Link Weakens

In June, the company disclosed its largest buyback before the latest transaction. It repurchased 2 million shares using proceeds from the sale of about 52 Bitcoin.

ProCap said its current spending rate gives it almost 20 years of operating cash without depending on revenue or gains from Bitcoin.

Bitcoin Treasury Faces Market Pressure

ProCap’s valuation remains closely tied to the value of its Bitcoin holdings. Bitcoin recently climbed above $81,200 following a strong August, supporting the value of the company’s crypto treasury.

ProCap is also working on areas outside its Bitcoin treasury. The company has expanded into financial research and acquired AI startup CFO Silvia.

Related: Bitcoin Demand Turns Negative, Raising Risk of Further $BTC Decline