Twenty One Capital (21 Capital), led by Strike founder Jack Mallers, now holds 43,514 bitcoin valued at roughly $2.9 billion, surpassing MARA Holdings to become the second-largest public company bitcoin treasury. The key factor behind the shift was MARA's sale of 15,133 BTC in March 2026, which raised about $1.1 billion.
Strategy still dominates the ranking with approximately 762,099 BTC. 21 Capital follows at 43,514, while MARA's holdings fell to about 34,514 BTC, allowing Japan-based Metaplanet (35,100 BTC) to close the gap.
SPAC Deal and Investor Lineup
21 Capital went public on the New York Stock Exchange in December 2025 via a merger with SPAC Cantor Equity Partners, trading under ticker XXI. Its major shareholders include Tether, SoftBank, and Cantor Fitzgerald. The company raised $486.5 million in convertible notes and $365 million in equity at listing.
Positioned as a pure-play bitcoin investment vehicle, 21 Capital also develops bitcoin-native financial products, aiming to replicate and surpass Strategy's model. However, XXIs stock has dropped nearly 30% year-to-date, signaling market headwinds.
Leverage vs. Long-Term Strategy
The ongoing crypto bear market has crushed crypto-equity prices and narrowed external funding channels, separating firms that can sustain the bitcoin treasury model from those that cannot. While 21 Capital's rise to no. 2 marks a milestone for Mallers' camp, MARA's selloff serves as a cautionary tale: a ranking built on hoarding bitcoins may crumble under the next stress test without a solid capital structure.
MARA said it sold BTC to repurchase $1 billion in convertible notes and pivot to AI computing. Meanwhile, miners like Bitdeer have emptied their bitcoin reserves for AI infrastructure, and CryptoQuant analysts note that the long-term holder SOPR metric has dropped below 1, indicating diamond hands are capitulating.