Metaplanet's Massive Bitcoin Transfers Leave Coins Underwater Against Cost Basis
Metaplanet, a Tokyo-listed company and one of the world's largest corporate holders of Bitcoin, has made several large transfers to Coinbase Prime in recent days. The latest transfer saw 4,750 BTC worth around $374 million sent to the exchange on August 31.
The transactions were broken into six deposits from 103 BTC to 800 BTC over a three-hour period, with the largest deposit of 800 BTC valued at approximately $62 million going out about half an hour before the rest. This brings Metaplanet's total transfers to Coinbase Prime in under seven days to at least 4,750 BTC, worth around $374 million.
Metaplanet still reports holding 43,000 BTC on its balance sheet, with a cost basis of approximately $96,191 per coin. However, Bitcoin was trading close to $78,000 last week, leaving Metaplanet's coins underwater against their cost basis. CEO Simon Gerovich has pushed back on sale chatter, stating that the transfers were custodial and not indicative of any intention to liquidate.
Gerovich explained that a similar 4,986 BTC reshuffle in March also ended without a sale. Additionally, Metaplanet has offered to give Superplanet, a Nasdaq-listed US Bitcoin treasury platform, 2,100 BTC plus $2.5 million in cash as part of their partnership.