Twenty One Capital has ascended to become the second-largest Bitcoin treasury holder among publicly listed companies, with holdings of 43,514 BTC valued at over $2.9 billion. This development follows MARA's decision to sell 15,133 BTC, worth approximately $1.1 billion, dropping it to third place. The move by MARA, which had aggressively borrowed to amass Bitcoin during the bull market, highlights the risks of debt-driven treasury strategies as it now sells at a loss to repay debt.