Metaplanet's 1,000 BTC Transfer Raises Questions on Coinbase Prime

Metaplanet, a Japanese firm holding one of the largest corporate Bitcoin treasuries in the world, has deposited 1,000 BTC into Coinbase Prime on August 25. The transfer is valued at roughly $79.77 million and has raised eyebrows across crypto markets.

The move can be seen as routine custody management rather than a sell-off, according to blockchain analytics account Lookonchain. Coinbase Prime offers more than just trading services; it also provides institutional clients with custody, financing, and other infrastructure under one roof.

This is not the first time Metaplanet has faced scrutiny over its Bitcoin transfers. In August 12, CEO Simon Gerovich clarified that the firm had shifted 5,014 BTC between custodial addresses without selling any of it, after analysts initially spotted 3,881 BTC leaving Metaplanet-linked wallets.

Metaplanet still holds 43,000 BTC, valued at approximately $3.4 billion at current prices. The company built this position by acquiring 2,823 BTC during the second quarter, with an average acquisition price of around $96,191 per coin.