According to Cointelegraph, after MARA sold a portion of its holdings, Jack Mallers’ Twenty One Capital has become the second-largest Bitcoin treasury holder among public companies, currently holding 43,514 BTC with a market value exceeding $2.9 billion, trailing only Strategy’s 762,099 BTC. In March 2026, MARA cumulatively sold 15,133 BTC, cashing out approximately $1.1 billion, and dropped to third place. Analyst Tyler Rowe noted that MARA aggressively borrowed to accumulate Bitcoin during the bull market and is now forced to sell at a loss to repay debt, validating long-standing warnings about debt-driven treasury strategies.
Twenty One Capital Becomes the Second Largest Listed BTC Treasury Firm with $2.9 Billion in Holdings
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Summary
Twenty One Capital, led by Jack Mallers, now holds 43,514 BTC valued at over $2.9 billion, making it the second-largest publicly listed BTC treasury firm. MARA dropped to third after selling 15,133 BTC in March 2026 for $1.1 billion. Analyst Tyler Rowe said MARA’s debt-driven strategy compelled it to sell at a loss. BTC price and dominance remain key metrics for market observers.
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