Jack Mallers’ Twenty One Capital has climbed to second place amongst publicly traded Bitcoin treasury corporations after miner MARA bought a big portion of its holdings and slipped to 3rd.
Twenty One Capital now holds 43,514 BTC in its company treasury, valued at over $2.9 billion at present costs.
The corporate went public late final yr following its enterprise mixture with Cantor Fairness Companions, a particular function acquisition firm, and now trades below the ticker XXI on the NYSE — although shares are down greater than 25% year-to-date.
MARA sells $1.1B in bitcoin
MARA bought 15,133 BTC, valued at roughly $1.1 billion, all through March 2026 to buy its personal debt at a reduction.
The following largest publicly traded holder is Japanese treasury firm Metaplanet with 35,100 BTC, whereas Technique stays far forward in first place with 762,099 BTC.
Bitcoin Treasuries analyst Tyler Rowe commented on MARA’s scenario:
“MARA borrowed aggressively to stack sats in the course of the bull run and is now promoting Bitcoin at a loss to service that debt. That is the exact situation critics of debt-fueled treasury methods have warned about.”
Rowe additionally questioned whether or not miners can sustainably function as Bitcoin treasury corporations with out the capital markets infrastructure that Technique spent 5 years constructing.
Debt-fueled methods below stress
MARA’s method stands in sharp distinction to Technique’s mannequin, which treats BTC as “perpetual digital credit score,” utilizing it as collateral to repeatedly finance additional acquisitions.
Some market observers see the shift as an indication of capitulation amongst crypto treasury and mining corporations, worsened by a bear market that started in October 2025 and declining share costs.
Analysts had warned of a shakeout
In June 2025, enterprise capital agency Breed warned that only some crypto treasury corporations would survive the “dying spiral” of contracting market internet asset values.
As low-cost financing dries up, corporations buying and selling at or under their internet asset worth face stress to promote holdings to satisfy debt obligations.
Deng Chao, CEO of HashKey Capital, advised Cointelegraph that corporations treating crypto holdings as a speculative wager relatively than a long-term play had been more likely to capitulate between cycles, whereas these with a disciplined treasury technique would endure.