Twenty One Capital now 2nd-largest publicly traded BTC holder after MARA sale

Jack Mallers’ Twenty One Capital is present the second-largest publically traded Bitcoin treasury by BTC holdings, aft miner MARA sold disconnected a information of its holdings and fell to the fig 3 spot.

The recently formed Bitcoin (BTC) treasury institution holds 43,514 BTC successful its firm treasury, valued astatine implicit $2.9 cardinal utilizing the marketplace terms astatine the clip of this writing, according to information from BitcoinTreasuries.

Twenty One Capital becomes the second-largest BTC treasury institution by BTC holdings. Source: BitcoinTreasuries

Twenty One Capital was publically listed precocious past twelvemonth pursuing its concern combination with Cantor Equity Partners, a peculiar intent acquisition company. Now trading nether the ticker XXI, the NYSE-listed shares are down much than 25% twelvemonth to date.

MARA sold 15,133 BTC, valued astatine astir $1.1 billion, passim March 2026. The adjacent largest publically traded Bitcoin holder is Japanese BTC treasury institution Metaplanet with 35,100. Bitcoin Treasuries expert Tyler Rowe successful a enactment Thursday said: 

“For the industry, it's a cautionary signal. MARA borrowed aggressively to stack sats during the bull tally and is present selling Bitcoin astatine a nonaccomplishment to work that debt. This is the precise script critics of debt-fueled treasury strategies person warned about.”

This assertive borrowing is successful “sharp contrast” to the concern exemplary popularized by BTC treasury institution Strategy, which treats BTC arsenic “perpetual integer credit,” utilizing it arsenic collateral to continually concern BTC acquisitions.

The organisation of BTC among nationalist companies, backstage businesses, governments, concern funds and exchange-traded vehicles. Source: BitcoinTreasuries

"Can miners sustainably run arsenic Bitcoin treasury companies without the superior markets infrastructure Saylor spent 5 years building," Rowe said successful the enactment shared with Cointelegraph.

Some marketplace observers enactment the alteration signals the capitulation of crypto treasury and mining companies amid a challenging concern environment, worsened by the crypto carnivore marketplace that started successful October 2025 and declining stock prices.

Related: Sweden’s H100 eyes Europe’s No. 2 Bitcoin treasury with 3,500 BTC deal

Analysts forecast the diminution of the crypto treasury abstraction successful 2025

In June 2025, task superior steadfast Breed said that lone a few crypto treasury companies would survive the “death spiral” of contracting marketplace nett plus values (mNAVs) by maintaining a terms premium that would let these companies to unafraid much financing.

As entree to inexpensive financing options disappears, companies trading astatine oregon beneath their nett plus worth would person to merchantability their BTC holdings to conscionable indebtedness obligations, according to Breed.

Companies that dainty their crypto holdings arsenic a speculative bet, alternatively than a semipermanent play, were apt to capitulate betwixt cycles, Deng Chao, CEO of plus manager HashKey Capital, told Cointelegraph. 

At the aforesaid time, crypto treasury companies with a disciplined treasury strategy would last done aggregate cycles, helium said.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would beryllium Saylor’s liquidation: Santiment founder