Metaplanet has transferred 1,350 Bitcoin worth about $108 million to Coinbase Prime as BTC struggles to establish a firm break above $80,000.
Key Takeaways
Metaplanet moved 1,350 BTC worth about $108 million to Coinbase Prime
The transaction followed a separate 1,000 BTC transfer completed on Aug. 25
A Coinbase Prime deposit can support trading, custody, or collateral and does not confirm a sale
Metaplanet officially reports 43,000 BTC while tracked wallets contain about 38,650 BTC
Metaplanet Sends Another 1,350 BTC to Coinbase Prime
Lookonchain reported on Aug. 28 that Metaplanet transferred 1,350 BTC, valued at approximately $108 million, to Coinbase Prime. The on-chain analytics account identified the sending addresses as belonging to the Tokyo-listed Bitcoin treasury company. A transfer to Coinbase Prime can place assets within reach of institutional trading services, which has led some market participants to question whether Metaplanet could sell part of the position. However, the transaction alone does not prove a disposal because Coinbase Prime also offers custody, financing, and collateral services.
The latest movement came three days after Metaplanet sent another 1,000 BTC, worth approximately $79.77 million, to the same platform. Across both transactions, Metaplanet has now moved 2,350 BTC to Coinbase Prime within four days, worth nearly $188 million total. This connects to the broader corporate treasury activity covered in Bitcoin steadying above $79K and the Genius Group's $827M Bitcoin treasury plan.
Earlier Metaplanet Transfers Did Not Result in Sales
Large movements from Metaplanet-linked wallets have drawn similar attention before, but the company has previously said some transactions involved custody changes rather than disposals. On Aug. 12, Lookonchain detected 3,881 BTC leaving wallets linked to the firm. Chief executive Simon Gerovich later said Metaplanet had transferred 5,014 BTC between custodial addresses and had not sold any coins. The company's reported treasury remained unchanged at 43,000 BTC after the custody reorganization.
Metaplanet had acquired the position at a disclosed average cost of about 15.3 million yen per coin, while Lookonchain converted the figure into an estimated average of $96,191. At that average cost, the company's 43,000 BTC position represents an estimated investment of about $4.14 billion. Arkham's address labels showed approximately 38,650 BTC, valued at nearly $3.07 billion, in wallets attributed to the company.
U.S. Treasury Plans Add Another Use for Bitcoin
Part of Metaplanet's treasury has been committed to a proposed transaction involving Nasdaq-listed Super League Enterprise. Under an agreement announced Aug. 18, Metaplanet will contribute 2,100 BTC and $2.5 million in cash, valued at approximately $134.6 million. The proposed U.S. treasury transaction would rename Super League as Superplanet with Nasdaq ticker SUPA. Metaplanet is expected to receive an estimated 95.7% ownership stake, with five-year share lock-up. This connects to the Evernorth XRP treasury merger trend and broader corporate Bitcoin strategies.
Metaplanet's Financial Results Show Growth Despite BTC Losses
Financial results released on Aug. 13 showed Metaplanet generated 4.94 billion yen in revenue during the six months ended June 30, up 133.7% from the previous year. Operating profit rose 136.3% to 3.33 billion yen. Metaplanet nevertheless recorded a net loss of 182.77 billion yen, attributed mainly to a 184.3 billion yen non-cash reduction in the reported value of Bitcoin holdings. Revenue from the Bitcoin income segment reached 4.74 billion yen, with about 4.58 billion yen from option premiums. Management has set a target of holding 210,000 BTC by end of 2027, equal to about 1% of Bitcoin's fixed 21 million supply.
