Metaplanet Moves 4,800 Bitcoin to Coinbase Prime in Massive Custodial Shuffle

Metaplanet, Japan's answer to MicroStrategy, made headlines in late August 2026 when it transferred approximately 4,800 BTC to Coinbase Prime. The transfers, valued at around $377 million, sparked alarm bells among crypto enthusiasts on Twitter.

The activity unfolded over five days, with three separate transactions totaling the massive Bitcoin sum. On August 25, Metaplanet moved 1,000 BTC worth about $80 million to Coinbase Prime. Three days later, a second batch of 1,350 BTC followed, valued at around $108 million.

On August 29, the company made its largest transfer yet, 3,000 BTC, clocking in at roughly $237 million. On-chain analytics firms quickly identified the wallet addresses and linked them to Metaplanet's known treasury infrastructure.

The transfers represent between 7% and 10% of Metaplanet's total Bitcoin holdings of 43,000 BTC. With an average cost basis of around $96,191 per coin, the company's total investment sits at close to $4.09 billion. At current prices, Metaplanet is sitting on an unrealized loss relative to its average purchase price.

Metaplanet CEO Simon Gerovich confirmed that the transfers were custodial adjustments and not a prelude to selling. No confirmed dispositions followed any of the three transfers.