After MARA Holdings liquidated a significant amount of its reserves, Twenty One Capital emerged as the second largest publicly traded Bitcoin holder. According to data from BitcoinTreasuries, the corporation currently possesses 43,514 BTC, worth more than $2.9 billion.
This change comes after MARA sold over 15,000 Bitcoin valued around $1.1 billion in March 2026. Japan’s Metaplanet is still among the top holders worldwide, but the move has moved MARA to third place.
According to market experts, the cryptocurrency business should take note of this development. Several businesses took out large loans to buy Bitcoin during the last bull run.
Some of these companies are now being pushed to sell assets in order to pay off debt due to pressure on prices and tightening financing conditions.
This scenario, according to analysts, emphasises the dangers of debt-driven treasury strategy. Companies with disciplined, long-term strategies are better positioned to thrive, whereas others who viewed Bitcoin as a speculative investment are currently suffering losses.
The pressure has increased due to a broader decline in the cryptocurrency market since late 2025. Falling share prices and reduced access to cheap capital have made it harder for companies to maintain large Bitcoin reserves.
Experts predict that only a few powerful treasury firms will make it through this stage in the future. Bitcoin holders are likely to stick with it through several market cycles if they have more effective risk management and sustainable financial models.
Source: Bitcoin Treasuries
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