Metaplanet Adds Another 1,000 BTC to Coinbase Prime Custody

Japanese bitcoin treasury giant Metaplanet has moved another 1,000 BTC into Coinbase Prime custody. This transfer comes just days after the company reported its holdings had reached 43,000 BTC.

The latest move is valued at $79.77 million and suggests that the coins involved were owned by Metaplanet rather than a fresh open-market purchase. Lookonchain pegged the average price of the company's 43,000 BTC position at $96,191 per coin, which aligns with Metaplanet's disclosed aggregate cost basis of about $4.09 billion.

Metaplanet has been rapidly accumulating its bitcoin holdings over the past couple of years. At the end of Q4 2024, the company held just 1,761 BTC, but within 24 months, that stack had ballooned to 40,177 BTC. Most recently, Metaplanet purchased 2,823 bitcoins for $225 million to arrive at its current 43,000 BTC threshold.

The transfer of coins to Coinbase Prime could be done for various reasons such as regulated custody, over-the-counter execution on future purchases, or to facilitate corporate transactions like Metaplanet's recent deal with Super League Enterprise. With bitcoin price movements still well below Metaplanet's average purchase price, investors will be curious to see how the freshly custodied bitcoin can support the company as it chugs along on its path to accumulating 210,000 BTC by 2027.