Twenty One Capital rises to become the second-largest listed Bitcoin treasury firm, while MARA falls to third after reducing its holdings.

According to a report by Cointelegraph, Jack Mallers' Twenty One Capital now holds 43,514 bitcoins, making it the second-largest publicly traded Bitcoin treasury firm, second only to Strategy's 762,099. Previously ranked second, mining company MARA fell to third place after selling 15,133 bitcoins (approximately $1.1 billion). Analysts point out that MARA increased its Bitcoin holdings through debt financing during the bull market and is now forced to sell bitcoins at a loss to repay debt, a scenario warned of by critics of debt-driven treasury strategies. This model contrasts sharply with Strategy's strategy of treating Bitcoin as "perpetual digital credit" and continuously using it as collateral for acquisitions. Analysts believe this reflects the survival pressure faced by crypto treasuries and mining companies in a bear market.