Metaplanet Denies Bitcoin Sales Speculation After $322M Transfer

Metaplanet's CEO Simon Gerovich has quashed speculation that the Japanese Bitcoin treasury company was selling its holdings. The company transferred a significant amount of BTC, 5,014 units to be exact, valued at $322 million over a 24-hour period starting on Wednesday. According to Gerovich, this transfer was simply a 'routine custody operation' with no intention of selling any Bitcoin.

The company's holdings remain at 43,000 BTC, and the network fees for the transfer cost Metaplanet approximately $8. It's worth noting that Metaplanet is currently sitting on an unrealized loss of about $1.4 billion, according to Arkham data.