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ProCap Files Bitcoin ETF Targeting Treasury Companies Trading Below Bitcoin Value

ProCap Investment Advisers, a wholly owned subsidiary of Silvia, has filed for the Silvia Bitcoin + Treasury mNAV Discount ETF, an actively managed fund combining bitcoin exposure with investments in publicly traded companies whose shares trade below the value of their bitcoin holdings. The ETF will allocate approximately 60% to 80% to bitcoin-linked ETFs and ETPs, with another 10% to 25% invested in bitcoin treasury companies trading at a multiple to net asset value (mNAV) below 1.0x. Eligible companies must hold at least 250 bitcoin, with bitcoin representing at least 50% of total assets. Companies will be weighted according to their mNAV discounts, with larger discounts receiving greater allocations. Positions must be removed if their mNAV exceeds 1.15x. The fund expects to hold 10 to 20 positions and will not invest directly in bitcoin or shares of its sponsor, Silvia.

At a glance
Beat
Filings
Issuer
ProCap Investment Advisers
Region
United States
Filed
23 October 2026

Source: SEC Filings

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