Metaplanet says $320 million bitcoin move was internal

Metaplanet has dismissed reports that it sold hundreds of millions of dollars worth of bitcoin, stating that a significant movement of cryptocurrency on-chain was an internal custody transfer. The Tokyo-listed company clarified that it transferred 5,014 bitcoin between custodial addresses over a 24-hour period, worth around $320 million at prevailing market rates.

CEO Simon Gerovich emphasized that no bitcoin was sold and described the transactions as routine custody operations. The clarification came after blockchain trackers detected movements totalling 3,881 BTC, valued at approximately $247 million, sparking speculation about the company's reduced treasury amid bitcoin's recent price decline.

Metaplanet's subsequent transfers increased the total moved to 5,014 BTC. The company maintains transparency by publishing its bitcoin addresses, which allows blockchain observers to track transfers in real time. Despite the transactions, Metaplanet's treasury tracker still shows holdings of 43,000 BTC, which would be valued at around $2.7 billion at current prices.

The company's bitcoin position has grown significantly since acquiring an additional 2,823 BTC in Q2 for approximately $171 million, further solidifying its status among the world's largest listed corporate holders of bitcoin. Metaplanet's strategy of using bitcoin as its primary treasury reserve asset since 2024 has led to rapid expansion and ambitions to hold 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027.

However, the current holdings result in substantial unrealized losses for the company, as bitcoin trades below the prices at which Metaplanet acquired its coins. The latest transfer received heightened attention due to large movements from known corporate wallets, which can be misinterpreted as a sale, especially during market downturns.

Despite the transfers, Metaplanet's official disclosures indicate that the coins remained within its custody structure, with no regulatory filing for a disposal or changes to its official website or analytics platform. This incident underscores the sensitivity surrounding companies heavily invested in bitcoin, as fluctuations in wallet movements, financing arrangements, and cryptocurrency prices can quickly impact net asset values and equity prices.