According to Cointelegraph, after the mining company MARA sold part of its holdings, Jack Mallers' Twenty One Capital has become the second-largest Bitcoin treasury company among publicly traded companies, currently holding 43,514 BTC, with a market value of over 2.9 billion USD, second only to Strategy's 762,099 BTC.

MARA sold a total of 15,133 BTC in March 2026, cashing out approximately 1.1 billion USD, dropping to third place. Analyst Tyler Rowe pointed out that MARA aggressively borrowed and accumulated Bitcoin during the bull market and is now forced to sell at a loss to repay debts, confirming external warnings about the long-term risks of debt-driven treasury strategies.

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