Metaplanet Unloads Nearly $377 Million in Bitcoin to Coinbase

Metaplanet has moved a significant portion of its Bitcoin holdings to Coinbase Prime. The company transferred 4,800 BTC worth nearly $377 million, following two earlier transactions that totaled 5,331 BTC and were worth around $266 million and $155.5 million respectively.

The purpose behind this move remains unclear, with speculation surrounding custody and potential sales. However, Cointelegraph reported no conclusive evidence to suggest Metaplanet intends to sell the transferred Bitcoin.

Arkham Intelligence data shows four transfers totaling 10,270 BTC, worth around $806 million, during the week. This represents more than 29% of Metaplanet's total holdings if sold.