Twenty One Capital Rises to No. 2 Among Public Bitcoin Treasury Firms With $2.9B in BTC

Jack Mallers' Twenty One Capital has moved up to become the second-largest Bitcoin treasury holder among publicly listed companies after MARA sold part of its BTC position, Cointelegraph reported. Twenty One Capital now holds 43,514 BTC, valued at more than $2.9 billion, ranking behind only Strategy, which holds 762,099 BTC. In March 2026, MARA sold a total of 15,133 BTC, raising about $1.1 billion and slipping to third place. Analyst Tyler Rowe said MARA borrowed heavily to build its Bitcoin position during the bull market and is now selling at a loss to service its debt, echoing long-standing concerns about debt-funded treasury strategies.