Metaplanet and Hut8 Withdraw $125 Million in Bitcoin from Exchanges
Two large cryptocurrency companies, Metaplanet and Hut8, have made significant moves by withdrawing nearly $125 million in Bitcoin from exchanges within a three-hour window on August 12.
Metaplanet was first to move, pulling out 1,473 BTC (worth approximately $93.82 million) from an exchange, followed hours later by Hut8 with a withdrawal of 493 BTC ($31.36 million).
This combined total of 1,966 BTC is now held outside of exchange custody, leaving many wondering about the intentions behind these moves.
Metaplanet's treasury currently holds over 43,000 BTC, making it one of the largest corporate Bitcoin treasuries outside the United States. Hut8, on the other hand, has a total holding of around 13,696 BTC and operates as both a miner and digital infrastructure company.