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Bitcoin advocate Jack Mallers' Twenty One Capital holds 43,514 BTC in its corporate treasury, now second only to Strategy's 762,099 BTC accumulation.) treasury company holds 43,514 BTC in its corporate treasury, valued at over $2.
9 billion using the market price at the time of this writing, according to data fromwith Cantor Equity Partners, a special purpose acquisition company. Now trading under the ticker XXI, the NYSE-listed shares are down more than 25% year to date., valued at about $1.1 billion, throughout March 2026. The next largest publicly traded Bitcoin holder is Japanese BTC treasury company Metaplanet with 35,100. Bitcoin Treasuries analyst Tyler Rowe in a note Thursday said: “For the industry, it's a cautionary signal. MARA borrowed aggressively to stack sats during the bull run and is now selling Bitcoin at a loss to service that debt. This is the precise scenario critics of debt-fueled treasury strategies have warned about.” This aggressive borrowing is in “sharp contrast” to the business model popularized by BTC treasury company Strategy, which treats BTC as “perpetual digital credit,” using it as collateral to continually finance BTC acquisitions."Can miners sustainably operate as Bitcoin treasury companies without the capital markets infrastructure Saylor spent five years building," Rowe said in the note shared with Cointelegraph.Sweden’s H100 eyes Europe’s No. 2 Bitcoin treasury with 3,500 BTC dealthe “death spiral” of contracting market net asset values by maintaining a price premium that would allow these companies to secure more financing. As access to cheap financing options disappears, companies trading at or below their net asset value would have to sell their BTC holdings to meet debt obligations, according to Breed. Companies that treat their crypto holdings as a speculative bet, rather than a long-term play, were likely to capitulate between cycles, Deng Chao, CEO of asset manager HashKey Capital, told Cointelegraph. Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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