Anthony Pompliano, the vocal Bitcoin advocate who runs ProCap Financial, has filed for a set of ETFs that would give retail investors access to a peculiar cocktail: Bitcoin, gold, firearms-related equities, and shares trading below their net asset value. No minimum investment required.
What the filings actually propose
The ETF lineup reportedly includes a product combining Bitcoin and gold exposure with defense-sector equities. A separate filing targets what’s described as an mNAV discount strategy, designed to buy Bitcoin-linked shares when they trade below their market net asset value.
When publicly traded companies hold Bitcoin on their balance sheets, their stock price doesn’t always reflect the full value of those holdings. Sometimes shares trade at a premium to the underlying Bitcoin, sometimes at a discount. The mNAV discount ETF would systematically target those discounted opportunities, buying when the market is effectively pricing BTC holdings cheaper than they’re actually worth.
Pompliano is intimately familiar with this dynamic. ProCap Financial has executed share buybacks at roughly 35% discounts to NAV. When your stock trades at 65 cents on the dollar relative to what you actually hold, buying back your own shares is about as close to free money as public markets offer.
ProCap’s Bitcoin war chest
ProCap has been steadily accumulating Bitcoin, with reported holdings of approximately 4,950 BTC valued at around $601 million as of July 2025. That figure later climbed to 5,457 BTC according to subsequent disclosures.
What to watch
No SEC filings confirming Bitcoin-gold-guns or zero-minimum mNAV discount ETFs connected to Pompliano have been found as of August 2026. The regulatory environment for crypto-adjacent products has grown more permissive since the spot Bitcoin ETF approvals, but each new structure still needs to clear its own hurdles.
ProCap’s existing Bitcoin holdings give Pompliano credibility that many ETF filers lack. He’s not just packaging someone else’s asset class. He’s running a company that lives and dies by the same thesis the ETFs would sell to retail investors, and the person asking you to bet on Bitcoin-at-a-discount is already making that exact bet with 5,457 coins of his own.