Metaplanet Stock Tumbles 10% After $186 Million Bitcoin Transfer to Coinbase Prime

Metaplanet's stock price dropped nearly 10% on Monday following another large Bitcoin transfer to Coinbase Prime. The company transferred 2,400 BTC worth approximately $186 million at the time of the transaction, which occurred on August 31.

This latest movement comes just days after Metaplanet transferred a similar amount of Bitcoin to Coinbase Prime, valued at around $108 million.

Metaplanet's corporate treasury holds about 43,000 BTC, purchased for roughly $4.41 billion, putting the company's holdings at an unrealized loss of over $1 billion based on current market prices.