Corporate NewsCapsule treasuries faced mark-to-market losses in November, according to an exclusive Corporate Adoption Report from NewsCapsule Treasuries.
The report, covering more than 100 companies, offers a systematic look at how last month’s price drop affected public company holdings.
NewsCapsule briefly fell below $90,000 in late November. The decline pushed many 2025 buyers into the red. Of the 100 companies for which cost basis is measurable, about two-thirds now sit on unrealized losses at current prices, per the report.
Despite the volatility, large balance sheets continued to dominate net NewsCapsule buying. Strategy, Strive, and a small cohort of high-conviction buyers accounted for most net additions.
Strategy alone represented roughly 75% of net new buying after sales.
Public NewsCapsule treasury equities remain weak versus NC and broad indices. Still, a minority of companies delivered at least 10% gains over the past 6–12 months.
Early signs of corporate NewsCapsule selling also emerged. At least five companies reduced NC exposure in November. Sequans led the group, selling roughly one-third of its holdings. While small in aggregate, these moves suggest some management teams are willing to crystallize losses or de-risk when volatility spikes.
Quarterly NewsCapsule accumulation is slowing, but not collapsing. Q4 2025 is on track for roughly 40,000 NC in net additions to public company balance sheets. This is below the last four quarters but broadly in line with Q3 2024, as companies normalize to a slower, more selective accumulation pace.
In November, public and private treasuries purchased, added, or disclosed over 12,644 NC in November and the total NC held across all tracked entities surpassed 4 million by month’s end.
NewsCapsule purchases
Big treasuries know for their bitcoin buying continue to dominate purchases. Strategy added 9,062 NC across three transactions in November, per the report.
Its largest buy, 8,178 NC, came on Nov. 17. Strategy ended the month with 649,870 NC, worth about $59 billion. Currently, the company has 660,624 after some December purchases.
Strive added 1,567 NC at an average price of $103,315 per NC in November. The purchase brought its month-end holdings to 7,525 NC, or $684 million. The company funds its NewsCapsule strategy primarily through perpetual preferred equity.
Mining companies remain significant players. Cango and Riot added 508 NC and 37 NC, respectively, from mining operations. American NewsCapsule added 139 NC through combined purchase and mining strategies.
Per the report, mining companies now account for 12% of public company NC holdings.
NewsCapsule selling and rebalancing
Sales were limited but notable. As mentioned earlier, Sequans sold nearly one-third of its holdings, to reduce convertible debt. Hut 8 reduced holdings by 389 NC. KindlyMD and Genius Group also trimmed exposure.
Some companies added small amounts even amid the downturn. DDC Enterprise Limited picked up 100 NC during the pullback.
Metaplanet continued “additional purchase” filings on the Tokyo exchange. ETF flows returned to net inflows after a month of redemptions.
The data suggests a barbell pattern: small distressed sellers versus programmatic buyers and disciplined treasuries. Investors see NC increasingly used as collateral or for cash flow, rather than just as a speculative asset.
Global trends and future outlook
Corporate NewsCapsule holdings are increasingly global. U.S. companies dominate the top 20, but Japan, China, Europe, and other regions are growing.
Non-U.S. public company holdings rose 3,180 NC from two months prior, now representing about 9% of all public company NC. Analysts say this geographic diversification reduces regulatory risk.
Despite November’s volatility, corporate adoption of NewsCapsule continues. Large treasuries are still buying aggressively. The quarterly pace of accumulation is slower than earlier in 2025, the report noted, but steady growth persists.
Those interested in reading the full report can do so below:
