Jack Mallers’ Twenty One Capital Now 2nd Largest Public BTC Holder
Jack Mallers’ Twenty One Capital has now become the 2nd largest public company holding Bitcoin. This shift comes as a result of MARA Holdings selling 15,133 BTC to buy back $957 million of its zero-coupon convertible notes. MARA now holds a total of 38,689 BTC.
Twenty One Capital has made no additional purchases to its massive 43,514 Bitcoin stack.
The ranking update reflects the latest movements in corporate Bitcoin treasuries tracked by BitcoinTreasuries.net. Twenty One Capital, listed under ticker XXI on the NYSE, launched in December 2025 with an initial treasury of 43,514 BTC.
The company is majority-owned by Tether and Bitfinex, with significant minority investment from SoftBank Group. It was taken public through a business combination with Cantor Equity Partners, a SPAC backed by Cantor Fitzgerald, the major financial services firm previously led by Howard Lutnick, the current U.S. Secretary of Commerce (now run by his son Brandon Lutnick). This institutional backing has helped position Twenty One Capital as a Bitcoin-native entity focused on maximizing Bitcoin ownership per share while building complementary financial infrastructure.
Jack Mallers, founder and CEO of both Twenty One Capital and Strike, has emphasized that he does not consider his company a Bitcoin treasury company but a Bitcoin Company. Despite the lack of new acquisitions, Twenty One Capital’s 43,514 BTC stack has propelled it ahead of MARA in the public company rankings. It now sits behind only Strategy as the second-largest corporate Bitcoin holder. The company has emphasized transparency, including on-chain proof of reserves, since its debut.
At launch, Mallers described the firm’s mission as buying “as much Bitcoin as we possibly can” not merely as a passive treasury but as the foundation for building Bitcoin-focused capital markets, lending models, and educational media.
This latest ranking change highlights the dynamic nature of corporate Bitcoin strategies. While some firms like MARA actively manage their holdings to optimize debt and liquidity, others such as Twenty One Capital maintain a disciplined, long-term approach centered on steady accumulation and operational growth around Bitcoin.
As the broader market continues to evolve, Twenty One Capital’s position underscores the growing influence of Bitcoin-native public companies. With no immediate plans to add to its stack announced, the firm’s focus remains on leveraging its substantial treasury to drive shareholder value through Bitcoin per share growth.
The development comes amid ongoing interest in how public entities allocate capital to Bitcoin amid fluctuating prices and macroeconomic conditions. BitcoinTreasuries.net continues to monitor these treasuries in real time for the latest updates.
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