[Twenty One Capital Rises to Become the Second Largest Publicly Listed Bitcoin Treasury Company, MARA Drops to Third After Selling] According to Cointelegraph, Twenty One Capital, founded by Jack Mallers, currently holds 43,514 Bitcoins, making it the second-largest publicly listed Bitcoin treasury company, second only to Strategy's 762,099 Bitcoins. Previously ranked second, mining company MARA sold 15,133 Bitcoins (approximately $1.1 billion) in March, dropping to third place. Analysts pointed out that MARA had increased its Bitcoin holdings during the bull market through debt financing but is now forced to sell Bitcoin at a loss to repay its debts. This is precisely the scenario warned about by critics of debt-driven treasury strategies. This approach contrasts sharply with Strategy's model of treating Bitcoin as "perpetual digital credit" and continuously using Bitcoin as collateral to finance acquisitions. Analysts believe this highlights the survival pressures faced by crypto treasuries and mining companies in a bear market environment.