Twenty One Capital has jumped to become the second-largest listed Bitcoin treasury firm, while MARA has fallen to third after reducing its holdings.

PANews reported on March 27th that, according to Cointelegraph, Twenty One Capital, founded by Jack Mallers, now holds 43,514 bitcoins, making it the second-largest publicly traded Bitcoin treasury firm, second only to Strategy's 762,099. Previously ranked second, mining company MARA sold 15,133 bitcoins (approximately $1.1 billion) in March, dropping to third place.

Analysts point out that MARA, which increased its Bitcoin holdings through borrowing during the bull market, is now forced to sell Bitcoin at a loss to repay its debts, a scenario warned of by critics of debt-driven vault strategies. This model contrasts sharply with Strategy's strategy of viewing Bitcoin as "perpetual digital credit" and continuously using it as collateral for acquisitions. Analysts believe this reflects the survival pressure faced by crypto vaults and mining companies in a bear market.