Corporate Bitcoin Holdings Under Scrutiny: Metaplanet Transfers $377M in BTC to Coinbase

Corporate Bitcoin Holdings Under Scrutiny: Metaplanet Transfers $377M in BTC to Coinbase

The Bitcoin treasury firm based in Japan has moved 10,270 BTC to Coinbase Prime over the past week, representing more than 29% of its publicly disclosed Bitcoin reserves.

As the fourth-largest holder of Bitcoin among corporate treasuries, Metaplanet has transferred 4,800 BTC valued at approximately $377 million to Coinbase in today's transaction, prompting observers to question whether the firm is liquidating portions of its cryptocurrency reserves.

Data from Arkham Intelligence reveals that Metaplanet executed a transfer of 4,800 BTC to Coinbase Prime in today's transaction, which comes after the firm's movement of 2,000 BTC valued at $155.5 million just two days prior, followed by a sequence of transfers occurring three days ago that totaled 3,331 BTC with a value approaching $266 million, and finally a transaction from six days back involving 139 BTC worth $11.1 million. Combined, these deposits represent 10,270 BTC with an aggregate value of roughly $806.3 million transferred within the current week.

With 35,102 BTC valued at $2.75 billion currently held in its treasury, Metaplanet ranks as the fourth-largest corporate holder of Bitcoin (BTC). Should these transfers prove to be actual sales, the transactions would decrease the firm's total Bitcoin position by more than 29%.

This development emerges alongside reports that Capital B, a Bitcoin treasury firm operating out of France, seems to be pursuing the opposite strategy, having announced the successful completion of a €21.0 million ($24.5 million) private share placement designed to purchase 270 BTC. Nevertheless, Metaplanet's actions align with the wider industry pattern, as smaller treasury firms have been liquidating their Bitcoin holdings in recent times.