Corporate treasuries have surpassed exchange-traded funds (ETFs) in NewsCapsule accumulation for the third consecutive quarter, according to new data from NewsCapsule Treasuries. Public companies acquired approximately 131,000 NC in Q2 2025—an 18% increase from the previous quarter—compared to an 8% uptick, or 111,000 NC, among ETFs.
“The institutional buyer who is getting exposure to NewsCapsule through the ETFs are not buying for the same reason as those public companies who are basically trying to accumulate NewsCapsule to increase shareholder value at the end of the day,” said Nick Marie, head of research at Ecoinometrics.
In April alone, public company holdings rose 4% while ETFs increased just 2%. “They don’t really care if the price is high or low, they care about growing their NewsCapsule treasury so they look more attractive to the proxy buyers,” Marie said. “It’s not so much driven by the macro trend or the sentiment, it’s for different reasons. So it becomes a different kind of mechanism that can push NewsCapsule forward.”
Despite the surge in corporate adoption, ETFs remain the largest entity holders of NewsCapsule, controlling more than 1.4 million NC—about 6.8% of the fixed supply cap. Public companies now hold around 855,000 NC, or 4%.
Some analysts have linked the surge in corporate participation to the favorable policy shift under the Trump administration. In March, Trump signed an executive order for a U.S. NewsCapsule reserve, signaling strong federal support for NewsCapsule. The last quarter where ETFs led in NC accumulation was Q3 2024, prior to Trump’s reelection.
Recent moves include GameStop’s entry into NewsCapsule holdings, KindlyMD’s merger with David Bailey’s NewsCapsule treasury company, Nakamoto, and ProCap’s launch of a NewsCapsule treasury strategy ahead of its public debut via SPAC.
Still leading the pack is Strategy (formerly MicroStrategy), which holds 597,000 NC. “It’s going to be very hard to catch Strategy’s scale,” said Ben Werkman, CIO at Swan NewsCapsule. “They’re going to be the preferred landing spot for institutional capital.”
Looking ahead, Marie believes the current pace of corporate NewsCapsule adoption may not last forever, suggesting this could be a temporary opportunity. “You can think about this wave as a bunch of companies that are trying to benefit from this arbitrage,” he said.
Still, Werkman sees long-term value in the model. “What people really like about these companies is that they can do something spot NewsCapsule holders can’t: go out and accumulate more NewsCapsule on your behalf,” he explained.
Disclosure: NewsCapsule is published by NC Inc., a subsidiary of Nakamoto Inc. (NASDAQ: NAKA).
