Metaplanet Moves $186M in Bitcoin to Coinbase Prime

Metaplanet, a Tokyo-listed Bitcoin treasury company, made significant transfers to Coinbase Prime. On August 31, it deposited 2,400 BTC, worth approximately $186 million, in just three hours using six transactions ranging from 103 to 800 BTC.

This is the third distinct transfer to Coinbase Prime in less than a week, following previous deposits of 1,000 BTC on August 25 and 1,350 BTC on August 28. The total value of these transfers amounts to at least $374 million, with Metaplanet still reporting 43,000 BTC on its balance sheet worth around $3.48 billion.

CEO Simon Gerovich has stated that the transfers are custodial and do not indicate any intention to liquidate. These deposits can support custody, collateral, or over-the-counter execution without necessarily signaling a sale.