{"url_path":"/sec/brr/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/2076163/0001493152-26-023070-index.html","accession_number":"0001493152-26-023070","cik":"0002076163","ticker":"BRR","issuer_name":"ProCap Financial, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2076163/0001493152-26-023070-index.html","primary_entity_key":"0002076163","primary_entity_name":"ProCap Financial, 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EXCHANGE COMMISSION**\n\n**Washington,\nD.C. 20549**\n\n \n\n**FORM\n10-Q**\n\n \n\n**(Mark\nOne)**\n\n☒\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe quarterly period ended March 31, 2026**\n\n** **\n\n**or**\n\n \n\n☐\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe transition period from to**\n\n \n\n**Commission\nFile Number: 001-42995**\n\n \n\n**PROCAP\nFINANCIAL, INC.**\n\n(Exact\nname of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**39-2767031**\n\n(State\nor other jurisdiction of\n\nincorporation or organization)\n \n(I.R.S.\nEmployer\n\nIdentification No.)\n\n \n\n**600\nLexington Avenue, Floor 2\nNew York, New York**\n \n**10022**\n\n(Address\nof principal executive offices)\n \n(Zip\nCode)\n\n \n\n**(305)\n938-0912**\n\n(Registrant’s\ntelephone number, including area code)\n\n \n\n**Not\nApplicable**\n\n(Former\nname, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities\nregistered pursuant to Section 12(b) of the Act:\n\n \n\n**Title\nof each class**\n \n**Trading\nSymbol(s)**\n \n**Name\nof each exchange on which registered**\n\nCommon\nStock, par value $0.001 per share\n \nBRR\n \nThe\nNasdaq Stock Market LLC\n\nRedeemable\nwarrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share\n \nBRRWW\n \nThe\nNasdaq Stock Market LLC\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)\nhas been subject to such filing requirements for the past 90 days. Yes ☒ No\n☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting\ncompany or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge\naccelerated filer\n☐\n \nAccelerated\nfiler\n☐\n\nNon-accelerated\nfiler\n☒\n \nSmaller\nreporting company\n☒\n\n \n \nEmerging\ngrowth company\n☒\n\n \n\nIf\nan emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs\nof May 13, 2026, there were 90,573,524 shares of common stock, par value $0.001 per share, of the registrant issued and outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PROCAP\nFINANCIAL, INC.**\n\n**TABLE\nOF CONTENTS**\n\n** **\n\n \n**PAGE**\n\n \n \n\n[PART\nI. FINANCIAL INFORMATION](#sw_001)\n1\n\n[Item\n1. Financial Statements](#sw_002)\n1\n\n[Condensed\nConsolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#sw_003)\n1\n\n[Condensed\nConsolidated Statement of Operations for the Three Months Ended March 31, 2026 (unaudited)](#sw_004)\n2\n\n[Condensed\nConsolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 (unaudited)](#sw_005)\n3\n\n[Condensed\nConsolidated Statement of Cash Flows for the Three Months Ended March 31, 2026 (unaudited)](#sw_006)\n4\n\n[Notes\nto Unaudited Condensed Consolidated Financial Statements](#sw_007)\n5\n\n[Item\n2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#VK_001)\n22\n\n[Item\n3. Quantitative and Qualitative Disclosures About Market Risk](#VK_002)\n27\n\n[Item\n4. Controls and Procedures](#VK_003)\n28\n\n[PART\nII. OTHER INFORMATION](#VK_004)\n29\n\n[Item\n1. Legal Proceedings](#VK_005)\n29\n\n[Item\n1.A Risk Factors](#VK_006)\n29\n\n[Item\n2. Unregistered Sales of Equity Securities and Use of Proceeds](#VK_007)\n31\n\n[Item 3. Defaults Upon Senior Securities](#VK_008)\n31\n\n[Item\n4. Mine Safety Disclosure](#VK_009)\n31\n\n[Item\n5. Other Information](#VK_010)\n31\n\n[Item\n6. Exhibits](#VK_011)\n32\n\n[SIGNATURES](#VK_012)\n33\n\n \n\n****\n\ni\n\n \n\n** **\n\n**PART\nI - FINANCIAL INFORMATION**"}