Added to YB: 2026-08-26
Pitch date: 2026-08-23
BRR [bullish]
ProCap Financial, Inc.
+4.65%
current return
Author Info
Growth Curve by Austin Lieberman is a weekly newsletter that helps you find 10x stock ideas & makes you a better long-term investor. Sign up for the newsletter.
Company Info
ProCap Financial, Inc. operates as a bitcoin-native financial services company. The company was incorporated in 2025 and is based in New York, New York.
Market Cap
$194.7M
Pitch Price
$2.15
Price Target
3.71 (+65%)
Dividend
N/A
EV/EBITDA
-15.69
P/E
-0.95
EV/Sales
3.0K
Sector
Capital Markets
Category
value
PORTFOLIO UPDATE: +265% - BRR Deep Dive
BRR (add to position): BRR at $2.15 (~$190M cap) trades at a ~39-42% discount to NAV of ~$3.54-3.71/sh: 5,355 BTC (~$412M at $77K) less $99.6M 2028 converts plus $15.3M cash—so Silvia AI lab (+$50B connected assets, 20K users, beat frontier labs on tax benchmark) and a pending 5-ETF sub-advisory suite come free. Author underwrites base case ~$3.00-3.50 over 18mo via discount-narrowing + accretive buybacks (5.2M shares retired H1); bull ~$4.70-5.86 if BTC recovers to $112.5K. Key risk: converts can be put for cash at par June 5 2027 (negative $77.3M working cap), forcing sale of ~1,300 BTC; ~2 quarters actual cash runway; heavy Pompliano key-man risk. At $50K BTC, NAV ~$2.08 and stock ~$1.15.
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