Metaplanet Adds Another 1,000 BTC to Coinbase Prime Custody

Japanese cryptocurrency company Metaplanet has moved an additional 1,000 BTC into Coinbase Prime custody. This is the second such transfer in recent weeks, with the latest move occurring on August 25.

The transferred coins are worth approximately $79.77 million at current prices. According to data from Lookonchain, Metaplanet's average cost basis for its 43,000 BTC position is around $96,191 per coin, aligning with the company's disclosed aggregate cost basis of about $4.09 billion.

Metaplanet's rapid accumulation of Bitcoin over the past two years has been notable, with its holdings growing from 1,761 BTC at the end of Q4 2022 to 43,000 BTC in recent months. The company has primarily raised funds for its Bitcoin purchases through equity issuances and structured products tied to its share price.

The transfer to Coinbase Prime may be related to regulated custody or over-the-counter execution on future purchases, although Metaplanet's motivation remains unclear at this time. The company's goal is to accumulate 210,000 BTC by the end of 2027, and its current holdings put it among the largest corporate Bitcoin holders globally.