Twenty One Capital, led by Jack Mallers, is now the second-largest publicly traded holder of Bitcoin, with 43,514 BTC valued at over $2.9 billion. The company, trading on the NYSE under ticker XXI, achieved this position after miner MARA sold 15,133 BTC-worth approximately $1.1 billion-in March 2026 to pay down debt.
Analyst Tyler Rowe of Bitcoin Treasuries called the move a cautionary signal, noting MARA’s aggressive borrowing during the bull market has now forced fire sales at a loss. This contrasts sharply with Strategy’s model, which treats BTC as perpetual digital collateral.
Metaplanet, with 35,100 BTC, now ranks third. Market observers warn that the broader crypto treasury space is under strain, as bear market conditions and declining share prices pressure leveraged holders to liquidate. Only firms with disciplined, long-term treasury strategies are expected to endure.