ProCap Financial (BRR) executes buyback at 32% below NAV

Key Takeaways:

• BRR repurchased about 150,000 shares at 32–35% discounts to NAV.
• Discounted buybacks can be accretive to NAV per share.
• 155,561 shares on Feb 23; 148,241 on Feb 20, both below NAV.

ProCap Financial, Inc. (Nasdaq: BRR) has initiated its share repurchase program, buying back 155,561 common shares at roughly a 32% discount to net asset value on February 23, 2026, according to AIJourn. Repurchases at a discount can be accretive to net asset value per share and may help narrow the market-price gap if sustained within regulatory parameters.

A separate report notes a buyback of 148,241 shares on February 20, 2026 at about $0.65 per share, roughly 35% below NAV, as reported by Intellectia.ai. The differing share counts reflect distinct trade dates, but both data points indicate execution materially below estimated NAV.

The board approved a 2025 share repurchase program authorizing up to $100 million of common stock via open-market or privately negotiated transactions, consistent with Rule 10b5-1 and Rule 10b-18 parameters, according to Investing.com. Rule 10b-18 provides a safe harbor for issuer repurchases subject to volume, price, and timing limits, while 10b5-1 plans facilitate pre-scheduled trades through blackout periods.

Management frames buybacks below NAV as disciplined capital allocation intended to close the discount between price and underlying value. “We will continue buying back stock as long as BRR shares trade at a significant discount to NAV,” said Anthony Pompliano, Chairman & CEO, according to Barchart.com.

For execution, TD Securities Inc. serves as a non-exclusive agent for open-market repurchases, with a stated commission of $0.02 per share, based on StockTitan.net. This structure signals standard trading controls and clear per-share transaction costs aligned with typical safe-harbor practices.

Broader context remains challenging: shares have fallen about 85% from last year’s peak and the company has emphasized Bitcoin treasury measures alongside buybacks, according to BitcoinWorld.co.in. Such volatility, together with liquidity considerations and any outstanding debt or convertible notes, could moderate the near-term impact of repurchases.

Leadership has also highlighted repurchasing convertible notes to reduce leverage and strengthen flexibility, as reported by StreetInsider.com. The scale and timing of future purchases will depend on market conditions, regulatory windows, and remaining capacity under the 2025 authorization.

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