Jack Mallers’ Twenty One Capital is now the second-largest publicly traded Bitcoin (BTC) treasury by holdings after miner MARA sold part of its stack and slipped to third place.
The newly formed Bitcoin treasury company holds 43,514 BTC in its corporate treasury, valued at over $2.9 billion using the market price at the time of this writing, according to data from BitcoinTreasuries.
Twenty One Capital becomes the second-largest BTC treasury company by BTC holdings. Source: BitcoinTreasuries
Twenty One Capital was publicly listed late last year following its business combination with Cantor Equity Partners, a special purpose acquisition company. Now trading under the ticker XXI, the NYSE-listed shares are down more than 25% year-to-date.
MARA sold 15,133 BTC, valued at about $1.1 billion, throughout March 2026. The next largest publicly traded Bitcoin holder is Japanese BTC treasury company Metaplanet with 35,100. Bitcoin Treasuries analyst Tyler Rowe said in a note on Thursday:
This aggressive borrowing is in “sharp contrast” to the business model popularized by BTC treasury company Strategy, which treats BTC as “perpetual digital credit,” using it as collateral to continually finance BTC acquisitions.
The distribution of BTC among public companies, private businesses, governments, investment funds and exchange-traded vehicles. Source: BitcoinTreasuries
"Can miners sustainably operate as Bitcoin treasury companies without the capital markets infrastructure Saylor spent five years building?" Rowe said in the note shared with Cointelegraph.
Some market observers note the change signals the capitulation of crypto treasury and mining companies amid a challenging business environment, worsened by the crypto bear market that started in October 2025 and declining share prices.
Related: Sweden’s H100 eyes Europe’s No. 2 Bitcoin treasury with 3,500 BTC deal
Analysts forecast decline of crypto treasury space in 2025
In June 2025, venture capital firm Breed said that only a few crypto treasury companies would survive the “death spiral” of contracting market net asset values (mNAVs) by maintaining a price premium that would allow these companies to secure more financing.
As access to cheap financing options disappears, companies trading at or below their net asset value would have to sell their BTC holdings to meet debt obligations, according to Breed.
Companies that treat their crypto holdings as a speculative bet, rather than a long-term play, were likely to capitulate between cycles, Deng Chao, CEO of asset manager HashKey Capital, told Cointelegraph.
At the same time, crypto treasury companies with a disciplined treasury strategy would last through multiple cycles, he said.
Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation: Santiment founder
- #Bitcoin
- #Bitcoin Adoption
- #Companies
