Metaplanet Transfers $186 Million in Bitcoin to Coinbase

Metaplanet, the third-largest Bitcoin treasury firm, has transferred 2,400 BTC worth $186 million to Coinbase Prime. This move has sparked concerns about a potential selloff in the market.

The transfer contributed to a nearly 10% drop in Metaplanet's stock price, closing at 312 JPY. Despite the fears of a selloff, Metaplanet denied that the transfers were for selling, stating that the BTC was moved to Coinbase's institutional platform.

This comes amid broader market uncertainty, including Wintermute's large BTC transfers to Binance and geopolitical tensions affecting investor sentiment. Bitcoin prices remain volatile but are expected to rebound soon.