Metaplanet Denies Selling $322M Worth of Bitcoins After Large Transfer

Metaplanet's $322 million Bitcoin transfer has sparked concerns about a potential sale. However, CEO Simon Gerovich denied any allegations of selling its holdings.

The transfer involved 5,014 BTC, which was moved between several addresses belonging to the firm. This caused onchain observers to raise their eyebrows, but Gerovich explained that it was just a standard custody operation.

'We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours,' Gerovich said. 'This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC.'

The entire transfer cost around $8 in Bitcoin network fees. The company's official website still reports that it holds 43,000 BTC, including 2,823 BTC bought in the second quarter of the year.