MARA's BTC Sale Dumps Twenty One Capital into Second Spot
Twenty One Capital has become the second-largest publicly traded Bitcoin holder after MARA sold a significant portion of its stack throughout March 2026. The company, led by Jack Mallers, now holds 43,514 BTC in its corporate treasury, valued at over $2.9 billion at current market prices.
MARA's sale of 15,133 BTC, worth approximately $1.1 billion, pushed it to third place on BitcoinTreasuries rankings. The Japanese treasury company Metaplanet now holds the second spot with 35,100 BTC.
BitcoinTreasuries analyst Tyler Rowe believes MARA's move signals broader pressure on miners that borrowed heavily during the bull market. He notes that Strategy remains the largest publicly traded Bitcoin holder, treating its holdings as perpetual digital credit and using them to finance further acquisitions.
Deng Chao, CEO of HashKey Capital, echoed Rowe's sentiments, stating that companies with a disciplined treasury approach are better positioned to last through multiple market downturns. Breed, a venture capital firm, had previously warned in June 2025 that only a few BitcoinTreasury companies would survive the contraction in market net asset values.