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

ZkProver

2026-03-29 02:24:42

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According to ChainCatcher news reported by Cointelegraph, Twenty One Capital, founded by Jack Mallers, currently holds 43,514 bitcoins, making it the second-largest publicly listed bitcoin treasury company, second only to Strategy’s 762,099 bitcoins.

The previously ranked second mining company, MARA, dropped to third place after selling 15,133 bitcoins (approximately $1.1 billion). Analysts pointed out that MARA increased its bitcoin holdings through debt during the bull market and is now forced to sell bitcoins at a loss to repay debts, which is exactly what critics of debt-driven treasury strategies have warned about.

This model sharply contrasts with Strategy’s approach of viewing bitcoin as “perpetual digital credit” and continuously using bitcoin as collateral to finance acquisitions. Analysts believe this reflects the survival pressures faced by crypto treasuries and mining companies in a bear market environment.

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