Metaplanet Transfers Large Amounts of Bitcoin to Coinbase Prime Amid Price Downturn

Metaplanet has been transferring large amounts of Bitcoin to Coinbase Prime over the past week. On August 31, the company put 2,400 BTC worth around $186 million into the exchange in three hours. This was the third large transfer to Coinbase Prime in a week and comes as Bitcoin trades below Metaplanet's average buy price of $96,191 per coin.

According to Arkham data, the transfer occurred on August 31 and consisted of six deposits from 103 BTC to 800 BTC. The sole 800 BTC leg was worth around $62 million and went out about half an hour before the rest, which followed in quick succession.

This is not the first large transfer Metaplanet has made to Coinbase Prime this month. On August 25, the company deposited 1,000 BTC worth around $79.77 million at the time, while on August 28 it sent 1,350 BTC valued at approximately $108 million.

Metaplanet has now sent a total of at least 4,750 BTC to Coinbase Prime in under seven days, worth around $374 million. This has raised questions about whether the company is planning to sell its Bitcoin holdings, which are currently valued at $3.36 billion with an average purchase price of $96,191 per coin.

However, CEO Simon Gerovich has pushed back on these claims, stating that the transfers were custodial and not indicative of any intention to liquidate the company's holdings. He noted that a similar transfer in March ended without a sale and that Metaplanet had actually moved 5,014 BTC when trackers flagged a 3,881 BTC transfer around August 13.