ProCap Financial sold about 50 BTC and repurchased more than 2% of its common stock while shares traded roughly 40% below net asset value. The Nasdaq-listed company reported 5,305 BTC and 86.8 million shares outstanding on Sept. 2, compared with 5,355 BTC and 88.6 million shares at the end of June. Although its Bitcoin holdings fell about 0.9%, Bitcoin per share rose approximately 1.1% as the share count declined roughly 2%. ProCap calculated net asset value at about $3.71 per share on Sept. 2, versus a $2.31 closing price for BRR, a discount of roughly 38%. Chairman and chief executive Anthony Pompliano said the company intends to continue repurchasing shares while they trade below NAV; about 10% of outstanding shares have now been retired since the program began. The strategy reverses the typical Bitcoin treasury model, in which companies issue stock at a premium to buy more Bitcoin. ProCap had $84.4 million remaining under its $100 million authorization at June 30, but further purchases are discretionary and depend partly on liquidity. It also reported $15.3 million in cash, $99.6 million of convertible-note principal and a $77.3 million working-capital deficit, largely related to note classification.