Twenty One Capital Surpasses MARA to Hold Second-Largest BTC Reserve
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A Senior Altcoin Analyst, Sarah combines on-chain data with a background in venture capital research. With a Master’s in Computer Science, she provides precise evaluations…
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In a significant development within the cryptocurrency sector, Twenty One Capital has established itself as the second-largest publicly traded holder of Bitcoin after a notable asset sale by Marathon Digital Holdings (MARA).
The firm, championed by Bitcoin advocate Jack Mallers, now boasts a substantial reserve of 43,514 BTC. This accumulation positions it behind only Strategy, which has amassed 762,099 BTC in its treasury.
According to recent figures, the value of Twenty One Capital’s holdings exceeds $2.9 billion, based on current market conditions. The company emerged as a publicly listed entity late last year, following its merger with Cantor Equity Partners, a special purpose acquisition company. Currently trading under the ticker symbol XXI on the NYSE, the company’s stock has experienced a decline of over 25% so far this year.
MARA, on the other hand, has recently sold off 15,133 BTC, translating to approximately $1.1 billion, throughout March 2026. Following this sale, Metaplanet, a Japanese Bitcoin treasury, has taken the third place with 35,100 BTC holdings.
Tyler Rowe, an analyst from Bitcoin Treasuries, commented on MARA’s recent actions, noting that the sale could serve as a warning for the industry. He indicated that MARA’s aggressive borrowing strategy during the previous bull market has led to the necessity of liquidating assets at a loss to address debts—something that critics of such financing strategies have long warned against.
The current financial climate stands in stark contrast to the approach favored by Strategy, which views Bitcoin as perpetual digital collateral, enabling ongoing purchases despite market fluctuations. Rowe highlighted potential risks for miners aiming to operate as Bitcoin treasury companies without the robust capital markets framework that others have developed.
Market analysts have raised concerns that this shift might indicate a broader capitulation among crypto treasury and mining firms, especially given the challenging backdrop of a bear market that has been in place since October 2025, alongside falling stock prices.
In a preceding report, venture capital firm Breed forecasted that many crypto treasury companies may not endure the ongoing market pressures which are leading to declining net asset values. They argued that without favorable financing conditions, firms trading below their asset value might be compelled to divest their Bitcoin assets to cover obligations.
HashKey Capital’s CEO, Deng Chao, remarked that companies viewing their cryptocurrency holdings purely as speculative investments could struggle through the various market cycles, while those employing disciplined treasury strategies may prove more resilient over time.
This recent evolution in the cryptocurrency landscape highlights the volatility and challenges facing both treasury companies and miners alike, and it underscores the importance of sustainable financial practices in navigating the complex market terrain.
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