Metaplanet shifted 3,881 BTC between wallets it controls rather than to an exchange, so on-chain trackers have no confirmed evidence of a sale. The move comes as the Japanese company's 43,000 BTC treasury sits on an estimated $1.4 billion unrealized loss with bitcoin near $63,600, and its stock fell more than 5% on the news.
Metaplanet moved 3,881 BTC, worth about $247 million, in several transactions over three hours on Wednesday, sending the bitcoin from the company's cold wallets to new addresses it also controls. The transfer stayed inside Metaplanet's own custody, so it isn't proof of a sale.
Transfer stays inside Metaplanet's own custody
The Bitcoin treasury firm split the move into five transactions, after which its primary wallet held 36,296.36 BTC worth $2.30 billion. Hut 8 separately transferred 493 BTC worth about $31.36 million roughly three hours earlier, though neither company has disclosed a bitcoin sale.
Bitcoin's slide leaves the treasury underwater
Metaplanet bought its roughly 43,000 BTC holding at an average of about $96,000. With bitcoin near $63,600, the position carries an estimated $1.4 billion unrealized loss, down 34%.
CoinGape put the drawdown even steeper, estimating a nearly $1.6 billion unrealized loss, or a 38% drawdown, against a $4.410 billion total acquisition cost. Metaplanet shares fell 5.15% to close at 221 JPY, extending a year-to-date decline of 52%.
Company has moved BTC like this before
Metaplanet has run this playbook before. In March, it moved nearly 5,000 BTC in the same pattern, test transactions followed by larger amounts into new wallets, and analysts read the shift as internal custody reshuffling rather than distribution. The company has been one of the most aggressive corporate bitcoin buyers since April 2024, with a stated target of 210,000 BTC.
Sources: CoinDesk, crypto.news, CoinGape
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