Metaplanet Denies Selling $322M in Bitcoin After Routine Custody Operation
Metaplanet has denied speculation that it sold 5,014 BTC worth $322 million after an on-chain transfer. The company's CEO Simon Gerovich stated that the transaction was a routine custody operation between Metaplanet's own custodial addresses and not a sale.
The transfer took place over 24 hours starting Wednesday and had network fees of only about $8. This move has clarified concerns among investors after the large on-chain movement initially raised questions due to its size, which represents more than 11% of Metaplanet's reported Bitcoin treasury.
Metaplanet continues to accumulate Bitcoin as part of its corporate strategy, aiming for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The company has also developed Bitcoin-related income operations and established Metaplanet Ventures, which focuses on investments in Bitcoin and crypto infrastructure in Japan.
The clarification from Metaplanet comes as Bitcoin trades near $63,500, with the broader market struggling to gain momentum after the latest U.S. inflation report.