Metaplanet Shifts Massive Bitcoin Stash into Coinbase Prime
Metaplanet, a Tokyo-listed company, has moved over $420M worth of Bitcoin into Coinbase Prime in a series of transactions. The company's CEO, Simon Gerovich, described the transfers as custodial in nature and denied any intention to liquidate its Bitcoin position.
The deposits, which included 2,400 BTC on August 25 and 28, were followed by an even larger transfer of 3,000 BTC valued at $237M on August 29. This brings Metaplanet's total Bitcoin holdings to approximately 43,000 BTC, with a cost basis of around $4.09B and an average purchase price of roughly $96,191 per coin.
Metaplanet has been accumulating Bitcoin as part of its strategy to use corporate balance sheet firepower to build a treasury reserve asset. This approach mirrors that of Michael Saylor at MicroStrategy, who has also used equity raises and operational cash flow to purchase large amounts of Bitcoin.