Metaplanet Unloads $377M Worth of BTC on Coinbase

Metaplanet, the fourth-largest corporate Bitcoin holder, has moved a significant portion of its holdings to Coinbase. The company transferred 4,800 BTC worth nearly $377 million on [today's date]. This is not an isolated event, as Metaplanet had also made several other large transfers in recent days. On Monday, it moved 2,000 BTC worth $155.5 million, and three days ago, a total of 3,331 BTC worth nearly $266 million was transferred. Even earlier, six days ago, the company moved 139 BTC worth $11.1 million to Coinbase.

If confirmed to be a sale, these transfers would reduce Metaplanet's holdings by over 29%. This development follows news that Capital B, another French Bitcoin treasury company, has successfully raised €21.0 million ($24.5 million) through a private share placement to acquire 270 BTC.

The report suggests that Metaplanet is following the broader industry trend, with smaller treasury companies recently selling their holdings.