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

CoinFeed reported on March 27th, citing Cointelegraph, that 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 sold 15,133 bitcoins (approximately $1.1 billion) in March, dropping to third place. 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 viewing Bitcoin as "perpetual digital credit" and continuously using it as collateral for acquisitions.