Jack Mallers’ Twenty One Capital, the largest Bitcoin-based treasury publicly traded by now BTC After MARA’s sale, it fell to third place.
Bitcoin, the newly created cryptocurrency.BTCAccording to Data from BitcoinTreasuries.
Twenty One Capital became publicly listed in late 2012, following the business. combination Cantor Equity Partners is a company that specializes in acquisitions. The NYSE listed shares, now trading under ticker XXI are down by more than 25 percent year-to-date.
MARA sold 15,133 BTCThe value of Bitcoin is expected to reach $1.1 billion by March 2026. Metaplanet is Japan’s BTC treasury with 35,100. In a Thursday note, Tyler Rowe of Bitcoin Treasuries 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.”
These aggressive loans are ineffective “sharp contrast” BTC is treated differently by BTC’s treasury firm Strategy than it was before. “perpetual digital credit,” Using it as collateral for BTC purchases.
“Can miners sustainably operate as Bitcoin treasury companies without the capital markets infrastructure Saylor spent five years building,” Rowe stated in the letter shared by Cointelegraph.
Market observers have noted that the recent change is a sign of capitulation by crypto mining and treasury firms. challenging business environmentThis is exacerbated by the bear crypto market which started in 2025.
Related: Sweden’s H100 eyes Europe’s No. 2 Bitcoin treasury with 3,500 BTC deal
The crypto-treasury market is expected to decline by 2025, according to analysts.
Breed Venture Capital said in June 2025 that there will be only one venture capital company left. few crypto treasury companies would survive The following are some of the ways to get in touch with us. “death spiral” The market value of assets (mNAVs), by retaining a higher price would enable these firms to obtain more funding.
According to Breed as the access to affordable financing options diminishes, businesses trading at or under their net asset values would need to sell BTC to satisfy debt obligations.
Deng Chao told Cointelegraph, that firms who view their cryptocurrency holdings more as a gamble than an investment, are likely to surrender between cycles.
Crypto treasury firms with an a disciplined treasury strategy would last He said that he would go through several cycles.
Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation: Santiment founder
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
