Metaplanet Moves Masses into Coinbase Prime
Metaplanet, a Tokyo-listed Bitcoin miner and treasury manager, has made significant custodial transfers to Coinbase Prime. The company deposited over 2,400 BTC worth $186M on August 25 and 28, followed by a 3,000 BTC transfer valued at roughly $237M on August 29. These transactions bring Metaplanet's total transfers to the platform to over 3,200 BTC since late August.
The CEO of Metaplanet, Simon Gerovich, confirmed that these moves are custodial in nature and not a signal to sell. The company holds approximately 43,000 BTC with a total cost basis of around $4.09B, averaging roughly $96,191 per coin.
Metaplanet's strategy is to accumulate Bitcoin as a primary treasury reserve asset, similar to MicroStrategy. The company plans to use its Bitcoin holdings for yield-generating activities such as lending to cover operational costs. Coinbase Prime offers exactly those kinds of financing services to institutional clients, which adds further context to the repeat deposits.