Metaplanet CEO shuts down Bitcoin sale speculation after $322M transfer

Metaplanet CEO Simon Gerovich has dismissed rumors that the Japanese Bitcoin treasury company is selling its holdings. The CEO clarified that the recent transfer of 5,014 BTC ($322 million) was part of a regular custody operation, with no Bitcoin being sold. The transition, which occurred over a 24-hour period beginning on Wednesday, incurred minimal network fees of approximately $8 for Metaplanet.

Despite these transactions, the company maintains a substantial Bitcoin treasury of 43,000 BTC. Gerovich emphasized that Metaplanet's holdings have not been reduced due to the transfer. The company, currently the third-largest publicly traded Bitcoin treasury firm and the largest in Asia, is currently experiencing an unrealized loss of about $1.4 billion.

Gerovich's statement comes amid Metaplanet's strategic expansion, with the company launching Metaplanet Ventures in March to invest in Bitcoin and crypto infrastructure in Japan, with targets set to reach 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. In its first-half financial results, Metaplanet reported revenue of 4.94 billion yen, a 134% increase year-over-year, and operating profit of 3.33 billion yen, a 136% increase, although it posted a net loss of 182.8 billion yen, largely due to a substantial non-cash loss from Bitcoin valuations.