How Did Twenty One Capital Rise in Bitcoin Treasury Rankings?
Jack Mallers’ Twenty One Capital has moved into the second position among publicly traded Bitcoin treasury companies after miner MARA reduced its holdings. The firm now holds 43,514 BTC, valued at more than $2.9 billion based on current market prices.
The company was listed late last year following a business combination with Cantor Equity Partners, a special purpose acquisition company, and now trades under the ticker XXI on the New York Stock Exchange. Despite its growing Bitcoin reserves, the stock is down more than 25% year-to-date, reflecting broader pressure across crypto-linked equities.
The shift in rankings comes after MARA sold 15,133 BTC during March 2026, worth around $1.1 billion. Japan-based Metaplanet now ranks as the third-largest public Bitcoin treasury holder with 35,100 BTC.
Why Is MARA Selling Bitcoin?
MARA’s reduction in holdings reflects pressure from debt obligations accumulated during the previous market cycle. The company had expanded its Bitcoin reserves using borrowed capital, a strategy that becomes more difficult to sustain as market conditions weaken and financing costs rise.
“For the industry, it’s a cautionary signal. MARA borrowed aggressively to stack sats during the bull run and is now selling Bitcoin at a loss to service that debt. This is the precise scenario critics of debt-fueled treasury strategies have warned about.”
The situation highlights the risks associated with leverage-driven accumulation strategies, particularly when market prices decline and access to refinancing becomes constrained.
Investor Takeaway
How Does This Compare to Alternative Treasury Models?
MARA’s approach contrasts with models that treat Bitcoin as long-term collateral rather than a leveraged accumulation trade. Some treasury-focused firms have structured their holdings to support ongoing financing without requiring immediate liquidation during downturns.
“Can miners sustainably operate as Bitcoin treasury companies without the capital markets infrastructure Saylor spent five years building?”
The comparison points to a structural divide in the market. Companies with access to stable capital markets infrastructure may be better positioned to manage volatility, while others face constraints tied to funding costs and balance sheet flexibility.
Investor Takeaway
Is the Crypto Treasury Model Under Pressure?
Some analysts view the shift as part of a broader recalibration in the crypto treasury space. The market downturn that began in October 2025, combined with declining equity valuations, has reduced access to cheap capital and increased pressure on balance sheets.
Earlier projections suggested that only a limited number of treasury-focused firms would sustain operations through tightening market conditions. Companies trading near or below their net asset value may need to liquidate holdings to meet financial obligations.
At the same time, firms that treat Bitcoin as a long-term strategic asset rather than a short-term trade may be better positioned to operate across cycles. The divergence between these approaches is becoming more visible as market conditions test the resilience of different treasury models.
