Twenty One Capital rises to become the second-largest publicly listed Bitcoin treasury company, while MARA drops to third after reducing its holdings.

2026-03-27 02:23:20

ChainCatcher reports that, according to Cointelegraph, Twenty One Capital founded by Jack Mallers currently holds 43,514 Bitcoin, making it the second-largest publicly listed Bitcoin treasury company, behind Strategy’s 762,099 coins.

Previously, the second-place miner MARA dropped to third after selling 15,133 Bitcoin (about $1.1 billion). Analysts note that MARA increased its Bitcoin holdings through debt during the bull market and is now forced to sell Bitcoin at a loss to repay debt, which is exactly the scenario warned about by critics of debt-driven treasury strategies.

This approach contrasts sharply with Strategy’s view of Bitcoin as “perpetual digital credit,” continuously using Bitcoin as collateral for financing acquisitions. Experts believe this reflects the survival pressures faced by crypto treasuries and mining companies in a bear market.

BTC-2.48%

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