Goodwill accounts for $372.3 million of the $401.5 million total asset base, indicating that the firm's valuation is heavily reliant on intangible premiums rather than tangible infrastructure.
| Total Current Assets | 27.58M | 197.03M |
| Cash & Short-Term Investments | - | - |
| Cash Only | - | - |
| Short-Term Investments | - | - |
| Accounts Receivable | - | - |
| Days Sales Outstanding | - | - |
| Inventory | - | - |
| Days Inventory Outstanding | - | - |
| Other Current Assets | 1.62M | 150.14M |
| Total Non-Current Assets | 373.92M | 441.86M |
| Property, Plant & Equipment | 1.2M | 52.11K |
| Fixed Asset Turnover | 0.00x | 1.63x |
| Goodwill | 0 | 0 |
| Intangible Assets | 372.28M | 441.79M |
| Long-Term Investments | 251.2M | 0 |
| Other Non-Current Assets | - | - |
| Total Assets | 401.5M | 638.89M |
| Asset Turnover | 0.00x | 0.00x |
| Asset Growth % | 0% | - |
| Total Current Liabilities | 2.12M | 2.26M |
| Accounts Payable | 1.68M | 0 |
| Days Payables Outstanding | - | - |
| Short-Term Debt | 0 | 0 |
| Deferred Revenue (Current) | 0 | - |
| Other Current Liabilities | 0 | 2.26M |
| Current Ratio | 13.02x | 87.21x |
| Quick Ratio | 13.02x | 87.21x |
| Cash Conversion Cycle | - | - |
| Total Non-Current Liabilities | 92.44M | 216.45M |
| Long-Term Debt | 91.63M | 216.45M |
| Capital Lease Obligations | 0 | - |
| Deferred Tax Liabilities | 0 | - |
| Other Non-Current Liabilities | - | - |
| Total Liabilities | 94.56M | 218.71M |
| Total Debt | 92.68M | 216.45M |
| Net Debt | 66.72M | 171.47M |
| Debt / Equity | 0.30x | 0.52x |
| Debt / EBITDA | -10.54x | - |
| Net Debt / EBITDA | -7.59x | - |
| Interest Coverage | -97.96x | -14.96x |
| Total Equity | 306.95M | 420.18M |
| Equity Growth % | 0% | - |
| Book Value per Share | 3.70 | 5.70 |
| Total Shareholders' Equity | 306.95M | 420.18M |
| Common Stock | 85K | 85.17K |
| Retained Earnings | -136.74M | -28.98M |
| Treasury Stock | -10.85M | -2.85M |
| Accumulated OCI | 0 | 0 |
| Minority Interest | 0 | 0 |
Unsustainable capital depletion
According to recent balance sheet data, ProCap Financial's total assets surged from $252.6 million in 2025Q2 to $401.5 million by 2026Q1, a rapid expansion that appears driven by non-operational asset accumulation rather than organic growth in the company's core financial services business model.
The significant increase in total assets, coupled with the emergence of $372.3 million in goodwill, suggests a shift toward inorganic growth or aggressive acquisition strategies. Investors should monitor whether this asset base can eventually generate sufficient returns to justify the current valuation, as the current trajectory shows a widening gap between asset size and revenue generation.
As reported in financial statements, the company transitioned from a debt-free position in 2025Q2 to holding $92.7 million in total debt by 2026Q1, resulting in a debt-to-equity ratio of 0.30 that warrants close scrutiny regarding the firm's long-term capital structure sustainability.
The introduction of debt suggests a pivot toward external financing to support operations or acquisitions, which increases the company's risk profile in a volatile sector. This leverage appears to be a necessity-driven move to maintain liquidity, potentially creating future interest burdens that could further strain the already negative cash flow.
Based on the 2026Q1 balance sheet, goodwill now accounts for $372.3 million of the company's $401.5 million in total assets, indicating that the vast majority of the firm's reported value is tied to intangible premiums rather than tangible infrastructure or productive capital.
This heavy concentration in goodwill suggests that the company's asset quality is highly sensitive to impairment risks, particularly if the underlying business units fail to meet performance expectations. The lack of significant PPE, at only $1.2 million, confirms an asset-light model that relies entirely on the successful integration of acquired intangible assets.
As indicated by the 2026Q1 filings, the company's cash position of $26.0 million, while seemingly substantial, must be evaluated against the backdrop of a high-burn operational model that has seen liquidity fluctuate significantly from the $1.0 million reported in 2025Q2.
While the current ratio of 13.02 suggests a strong short-term cushion, this metric may be misleading if the current assets are not easily convertible to cash to cover ongoing operating losses. The volatility in cash levels suggests that the company is reliant on periodic capital injections, which may not be sustainable if market conditions for crypto-related services deteriorate.
Based on the provided figures, the reliance on $372.3 million in goodwill as the primary component of the balance sheet creates a non-obvious risk where future write-downs could lead to a significant erosion of shareholder equity without any corresponding change in operational cash flow.
Investors should be wary that the headline equity of $306.9 million is largely supported by these intangible assets, which may not provide a reliable backstop in a liquidation scenario. This structure suggests that the balance sheet is more vulnerable to market sentiment and accounting adjustments than the nominal figures might initially imply.
Quick answers to the most common questions about buying BRR stock.
As of 2025, ProCap Financial, Inc. (BRR) had total assets of $638.9M including $197.0M in current assets.
ProCap Financial, Inc. (BRR) carries total debt of $216.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ProCap Financial, Inc. (BRR) has total shareholders' equity (book value) of $420.2M ($5.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ProCap Financial, Inc. (BRR) reported a current ratio of 87.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.