Metaplanet Moves 5,014 BTC Without Selling Amidst Financial Challenges
Metaplanet recently made a significant transfer of Bitcoin between its custody wallets, moving 5,014 BTC within a 24-hour period. The company confirmed that no Bitcoin was sold during this time, and it maintained its total holdings at 43,000 BTC.
The transfer was described as a routine custody operation, despite the current market price of Bitcoin being around $63,500 - significantly lower than Metaplanet's average acquisition cost of $95,982 per BTC. As a result, the company is facing an unrealized loss of over 30% on its holdings.
Metaplanet's financial situation has been concerning investors, with liabilities exceeding cash reserves and a stock price that has fallen by over 43% this year. The company recently raised funds through bonds and equity but has chosen not to sell any Bitcoin, unlike some of its peers who have liquidated their holdings to bolster their cash positions.