TL;DR:
- Twenty One Capital reaches the second global spot with 43,514 BTC, valued at over $2.9 billion following its recent listing on the New York Stock Exchange.
- The mining firm MARA drops to third place after selling 15,133 BTC in March 2026, a forced maneuver to cover accumulated debt obligations.
- The Japanese firm Metaplanet moves into fourth place with 35,100 BTC.
Drastic changes have occurred in the corporate treasury structure. Twenty One Capital, led by Jack Mallers, now holds the number 2 spot in the global ranking of Bitcoin holders, overtaking mining giants in an environment marked by high volatility.
This shift takes place as the price of the pioneer cryptocurrency hovers around $68,538 in the face of strong institutional selling pressure. Furthermore, market capitalization hits have been reported for companies with crypto treasury strategies, with XXI shares falling 25% so far in 2026.
Financial Challenges and Capitulation in the Mining Sector
MARA executed a massive sell-off worth $1.1 billion, an action viewed by experts as a red flag for the sector. According to Bitcoin Treasuries analysts, the miner was forced to liquidate assets at a loss to settle aggressive loans taken out during the previous bull cycle.
Conversely, the rise of Twenty One Capital stands out following its business combination with Cantor Equity Partners. The bearish environment that began in October 2025 continues, yet the firm maintains its stance against competitors like Japan’s Metaplanet, which holds 35,100 BTC.
Some market observers claim this changing of the guard signals a “death spiral” for those who failed to maintain a premium over their net asset value. Companies that treated their reserves as speculative bets are capitulating due to the lack of cheap financing.
While some miners sell off their reserves in an attempt to achieve operational sustainability, new entities are seizing the market restructuring to strengthen their dominance over Bitcoin’s circulating supply.
