TwentyOne Capital jumped to second largest listed bitcoin treasury company MARA fell to third place after reducing its holdings

According to Cointelegraph, TwentyOne Capital, founded by Jack Mallers, currently holds 43,514 bitcoins, making it the second-largest listed bitcoin treasury company, behind Strategy's 762,099. Mining company MARA, previously ranked second, dropped to third place after selling 15,133 bitcoins (approximately US$1.1 billion). Analysts point out that MARA, which increased its holdings of bitcoin by borrowing during the bull market, is now forced to sell bitcoin at a loss to repay its debt, which is exactly what critics of debt-driven treasury strategies have warned. This model is in sharp contrast to Strategy's strategy of viewing Bitcoin as "sustainable digital credit" and continuing to use Bitcoin as collateral for acquisitions. Analysts believe that this reflects the survival pressure faced by crypto vaults and mining companies in a bear market environment.