ProCap Financial (BRR)
Market Price (3/15/2026): $2.72 | Market Cap: $229.4 MilSector: Financials | Industry: Diversified Capital Markets
ProCap Financial (BRR)
Market Price (3/15/2026): $2.72Market Cap: $229.4 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -106%, 3Y Excs Rtn is -144% | Key risksBRR key risks include [1] a severe liquidity crisis creating "going concern" doubt, Show more. |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -106%, 3Y Excs Rtn is -144% |
| Key risksBRR key risks include [1] a severe liquidity crisis creating "going concern" doubt, Show more. |
Qualitative Assessment
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ProCap Financial (BRR) stock has lost about 75% since 11/30/2025 because of the following key factors:
1. Post-Listing Market Adjustment and Persistent Discount to Net Asset Value (NAV).
ProCap Financial (BRR) commenced trading on Nasdaq on December 8, 2025. Since its public listing, the stock has consistently traded at a significant discount to its reported Net Asset Value. As of February 23, 2026, the market price of approximately $2.35 represented a discount of roughly 35% to its NAV per basic share of about $3.65. This substantial and ongoing undervaluation by the market, despite the company holding 5,007 Bitcoin valued around $335 million and having a strengthened balance sheet, indicates a lack of investor confidence in the stock's intrinsic value or future growth prospects.
2. Absence of Clear Positive Catalysts or Specific Growth Drivers.
During the specified period, there has been an apparent lack of immediate, clear positive catalysts or strong operational growth drivers to re-rate the stock upwards. While ProCap Financial announced an agreement to acquire AI agent lab CFO Silvia, Inc., the deal includes an earnout structure where 50% of the equity consideration for Silvia shareholders is locked until BRR's stock price reaches $9.00, and the remaining 50% is forfeited if this target is not met within five years. This structure highlights a significant gap between the current valuation and perceived potential, but it does not appear to have generated immediate investor enthusiasm sufficient to counteract the downward trend. There are no readily available reports of significant earnings beats or new market developments that would have positively impacted the stock since November 30, 2025. The last reported earnings were for Q3 2025, announced on November 14, 2025.
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1. Post-Listing Market Adjustment and Persistent Discount to Net Asset Value (NAV).
ProCap Financial (BRR) commenced trading on Nasdaq on December 8, 2025. Since its public listing, the stock has consistently traded at a significant discount to its reported Net Asset Value. As of February 23, 2026, the market price of approximately $2.35 represented a discount of roughly 35% to its NAV per basic share of about $3.65. This substantial and ongoing undervaluation by the market, despite the company holding 5,007 Bitcoin valued around $335 million and having a strengthened balance sheet, indicates a lack of investor confidence in the stock's intrinsic value or future growth prospects.
2. Absence of Clear Positive Catalysts or Specific Growth Drivers.
During the specified period, there has been an apparent lack of immediate, clear positive catalysts or strong operational growth drivers to re-rate the stock upwards. While ProCap Financial announced an agreement to acquire AI agent lab CFO Silvia, Inc., the deal includes an earnout structure where 50% of the equity consideration for Silvia shareholders is locked until BRR's stock price reaches $9.00, and the remaining 50% is forfeited if this target is not met within five years. This structure highlights a significant gap between the current valuation and perceived potential, but it does not appear to have generated immediate investor enthusiasm sufficient to counteract the downward trend. There are no readily available reports of significant earnings beats or new market developments that would have positively impacted the stock since November 30, 2025. The last reported earnings were for Q3 2025, announced on November 14, 2025.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| BRR | -73.3% | |
| Market (SPY) | -3.1% | 32.4% |
| Sector (XLF) | -8.3% | 10.9% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| BRR | -73.3% | |
| Market (SPY) | 3.0% | 21.5% |
| Sector (XLF) | -9.1% | 11.1% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/14/2026| Return | Correlation | |
|---|---|---|
| BRR | ||
| Market (SPY) | 12.4% | 20.3% |
| Sector (XLF) | -5.3% | 11.1% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/14/2026| Return | Correlation | |
|---|---|---|
| BRR | ||
| Market (SPY) | 73.4% | 20.3% |
| Sector (XLF) | 43.1% | 11.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRR Return | - | - | - | - | -66% | -21% | -73% |
| Peers Return | 39% | -83% | 424% | 64% | -14% | -2% | 76% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| BRR Win Rate | - | - | - | - | 17% | 67% | |
| Peers Win Rate | 42% | 33% | 70% | 45% | 55% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BRR Max Drawdown | - | - | - | - | -72% | -46% | |
| Peers Max Drawdown | -21% | -84% | -2% | -40% | -40% | -23% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, COIN, MARA, RIOT, CLSK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
BRR has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to MSTR, COIN, MARA, RIOT, CLSK
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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About ProCap Financial (BRR)
We are a blank check company incorporated in June 2024, as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We may pursue an initial business combination in any business or industry. We are affiliated with Cohen. Cohen is a financial services company specializing in an expanding range of capital markets and asset management services. Its business segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets business segment consists of fixed income sales, trading, gestation repo financing, new issue placements in corporate and securitized products, underwriting, and advisory services, operating primarily through its subsidiaries, JVB in the United States (the “U.S.”) and Cohen & Company Financial (Europe) S.A, (“CCFESA”) in Europe. Our executive offices are located in New York NY.
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- It's like a publicly traded **private equity fund** (similar to one from **Blackstone** or **KKR**), but specifically designed to find and acquire just one private company to take public.
- Imagine a very early-stage **Berkshire Hathaway**, but with the singular goal of acquiring just one private company and then essentially becoming that operating business.
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ProCap Financial (BRR)
- Facilitating Business Combinations: ProCap Financial is a blank check company whose sole purpose is to identify and complete a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more private operating businesses.
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Anthony Pompliano, Chief Executive Officer
Anthony Pompliano is the Founder and Chief Executive Officer of ProCap Financial, and also serves as its Chairman. He is described as a life-long entrepreneur and investor. Mr. Pompliano personally invested over $1 million in ProCap Financial's common stock. His compensation structure includes a $1 annual salary, with 100% of his equity compensation vesting only if the company's stock price reaches performance milestones, starting at $15 per share and incrementally up to $50 per share. He also serves as CEO of Inflection Points Inc., which owns 51% of CFO Silvia, a company ProCap Financial is in the process of acquiring.
Renae Cormier, Chief Financial Officer
Renae Cormier serves as the Chief Financial Officer of ProCap Financial.
Megan Pacchia, Chief Operating Officer
Megan Pacchia was appointed as the Chief Operating Officer of ProCap BTC, which later combined to form ProCap Financial.
Kyle Wood, Chief Legal and Compliance Officer
Kyle Wood was appointed as the Chief Legal and Compliance Officer of ProCap BTC, which later combined to form ProCap Financial.
Jeff Park, Chief Investment Officer
Jeff Park was appointed as the Chief Investment Officer of ProCap BTC, which later combined to form ProCap Financial.
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ProCap Financial (BRR), a blank check company incorporated in June 2024, faces several key risks as it seeks to complete a business combination. The most significant risks include: * **Risk of failing to complete the proposed business combination or completing it on unfavorable terms.** As a blank check company, ProCap Financial's primary purpose is to effect a merger or acquisition. The company has a proposed merger with CFO Silvia, Inc., and there are concerns regarding this transaction. If ProCap Financial is unable to complete this proposed business combination, or if the terms of the acquisition are not favorable, it would significantly impact the company's future and could lead to liquidation. * **Significant dilution of shares from the proposed business combination.** Discussions around ProCap Financial's potential merger with CFO Silvia, Inc. have highlighted worries about substantial dilution to existing stockholders due to convertible notes and contingent earnout shares. This dilution could reduce the value of individual shares for current investors. * **Uncertainty regarding the acquired business's future performance and integration risks.** Even if the proposed merger with CFO Silvia, Inc. is completed, there is inherent uncertainty about the acquired business's future performance. Furthermore, successfully integrating CFO Silvia, Inc. into ProCap Financial presents its own set of challenges, and concerns have been raised about whether the acquisition target is an established operating business that justifies the potential dilution.AI Analysis | Feedback
The business model of Special Purpose Acquisition Companies (SPACs), within which ProCap Financial operates, faces clear emerging threats. These include increased regulatory scrutiny from bodies like the SEC, which is leading to more stringent disclosure requirements and potential legal liabilities, making the SPAC process more complex and less appealing. Furthermore, a significant decline in investor appetite for SPACs, characterized by higher redemption rates and poorer post-merger performance, makes it increasingly challenging for ProCap to identify a suitable target, secure shareholder approval for a business combination, and raise necessary capital to complete its initial acquisition.
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- Expansion and growth of Bitcoin-native financial services offerings: ProCap Financial aims to build a financial services platform centered around Bitcoin, including potential lending, custody, and capital markets products. The company's mission to be a "Bitcoin-native financial services firm" suggests that the development and widespread adoption of these unique offerings will be a primary driver of future revenue growth.
- Successful integration and commercialization of AI-powered financial agents: The planned acquisition of CFO Silvia, an AI agent lab focused on finance, positions ProCap Financial to become the "first publicly traded agentic finance firm." Future revenue growth is expected from the successful integration of CFO Silvia's AI capabilities and the subsequent development and commercialization of AI-driven financial products and services.
- Monetization of its substantial Bitcoin treasury through yield-generating strategies: ProCap Financial has a strategy of "aggressive Bitcoin accumulation" and aims to "deploying balance sheet bitcoin across yield-oriented and risk-managed products (lending, custody, capital markets)." Generating income through these strategies from its significant Bitcoin holdings is expected to contribute to future revenue growth.
- Strategic acquisitions and partnerships in the fintech and crypto sectors: Beyond the CFO Silvia acquisition, ProCap Financial may pursue additional mergers, acquisitions, or strategic partnerships in the rapidly evolving financial technology and cryptocurrency spaces. Such inorganic growth initiatives could rapidly expand its product suite, customer base, and market reach, thereby driving future revenue growth.
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Share Repurchases
- ProCap Financial has an aggressive share repurchase program and is committed to continuing buybacks when shares trade at a discount to Net Asset Value (NAV).
- The company repurchased 155,561 shares on February 23, 2026, at an approximate 32% discount to NAV.
- ProCap Financial announced a $100 million share repurchase program and has retired over 3% of its outstanding common stock since launching its program.
Share Issuance
- ProCap Financial was founded in 2025 and raised more than $750 million from leading investors.
- The company registered 51,024,833 shares of Common Stock in a prospectus supplement dated March 3, 2026, which includes shares for resale, conversion of convertible notes, and exercise of warrants.
- As of February 12, 2026, 85,166,604 shares were issued and 83,422,775 shares were outstanding.
Inbound Investments
- ProCap Financial, founded in 2025, raised over $750 million from leading investors.
- ProCap BTC, LLC, which merged to form ProCap Financial, utilized proceeds from a preferred equity investment to acquire thousands of Bitcoin, subsequently contributed to ProCap Financial.
Outbound Investments
- ProCap Financial acquired 450 Bitcoin on February 27, 2026, for approximately $35,422,500, funded from working capital.
- The company has increased its total Bitcoin holdings to 5,000 Bitcoin, positioning itself among the largest Bitcoin holders among publicly traded firms.
- ProCap Financial announced an agreement to acquire CFO Silvia, Inc., an AI agent lab, in an all-stock transaction.
Trade Ideas
Select ideas related to BRR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02202026 | COIN | Coinbase Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 2.6% | 2.6% | -6.5% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.90 |
| Mkt Cap | 4.2 |
| Rev LTM | 785 |
| Op Inc LTM | -167 |
| FCF LTM | -1,140 |
| FCF 3Y Avg | -860 |
| CFO LTM | -503 |
| CFO 3Y Avg | -265 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 38.2% |
| Rev Chg 3Y Avg | 39.3% |
| Rev Chg Q | 1.9% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Mgn LTM | -21.2% |
| Op Mgn 3Y Avg | -27.5% |
| QoQ Delta Op Mgn LTM | -7.2% |
| CFO/Rev LTM | -64.0% |
| CFO/Rev 3Y Avg | -48.1% |
| FCF/Rev LTM | -133.4% |
| FCF/Rev 3Y Avg | -187.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.2 |
| P/S | 7.3 |
| P/EBIT | -7.5 |
| P/E | -7.4 |
| P/CFO | -5.5 |
| Total Yield | -9.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -28.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.4% |
| 3M Rtn | -20.0% |
| 6M Rtn | -41.2% |
| 12M Rtn | -11.3% |
| 3Y Rtn | 156.6% |
| 1M Excs Rtn | 10.5% |
| 3M Excs Rtn | -21.6% |
| 6M Excs Rtn | -43.0% |
| 12M Excs Rtn | -34.5% |
| 3Y Excs Rtn | 96.9% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Park, Jeffrey Jin Hyung | Chief Investment Officer | Direct | Buy | 12222025 | 3.20 | 8,250 | 26,400 | 1,626,400 | Form |
| 2 | Miller, William H Iv | Bill Miller 2020 Family Trust | Buy | 12222025 | 3.25 | 30,000 | 97,428 | 97,428 | Form | |
| 3 | Pompliano, Anthony John Iii | Chief Executive Officer | Direct | Buy | 12182025 | 3.37 | 298,000 | 1,004,260 | 1,004,263 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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