Twenty One Capital has risen to become the second largest publicly listed Bitcoin treasury company, while MARA has dropped to third after reducing its holdings

According to Cointelegraph, Twenty One Capital, founded by Jack Mallers, currently holds 43,514 bitcoins, making it the second largest publicly traded bitcoin treasury company, second only to Strategy's 762,099 bitcoins.

The previously second-ranked mining company MARA has fallen to third place after selling 15,133 bitcoins (approximately $1 billion). Analysts point out that MARA increased its bitcoin holdings through debt during the bull market and is now forced to sell bitcoins at a loss to repay debts, which is exactly the scenario that critics of debt-driven treasury strategies warned about.

This model sharply contrasts with Strategy's approach of viewing bitcoin as "perpetual digital credit" and continuously using bitcoin as collateral to finance acquisitions. Analysts believe this reflects the survival pressure faced by crypto treasuries and mining companies in a bear market environment.