Metaplanet's Latest Transfer

Metaplanet, a Japanese Bitcoin treasury firm, deposited 2,400 BTC into Coinbase Prime on August 31, according to data from Lookonchain. The transfer was valued at nearly $186 million. The wallets used are associated with Coinbase's institutional platform, not a retail exchange order book.

This latest move follows a series of transfers over the past week. Cointelegraph, citing Arkham Intelligence data, reported that Metaplanet transferred 4,800 BTC worth nearly $377 million to Coinbase Prime on the same day, after earlier transfers of 2,000 BTC worth $155.5 million two days prior, 3,331 BTC worth nearly $266 million three days ago, and 139 BTC worth $11.1 million six days ago. In total, those deposits amounted to 10,270 BTC worth approximately $806.3 million this week alone.

Metaplanet holds 35,102 BTC worth $2.75 billion, according to Cointelegraph, which also noted that if the transfers were a sale, they would reduce the company's holdings by over 29%. CoinGape reported that Metaplanet held 43,000 BTC worth $3.36 billion, acquired for $4.41 billion, indicating nearly $1.05 billion in unrealized losses. The company has denied that previous transfers were for selling, according to CoinGape.

Market Context and Stock Reaction

The transfers come amid broader market turbulence. CoinGape reported that Wintermute moved $400 million in BTC to Binance, transferring 5,100 BTC worth almost $399 million over the past two days. The market maker also remained short on ETH, SOL, XRP, HYPE, and DOGE.

Metaplanet's stock closed 9.83% lower at 312 JPY on Monday, with a 24-hour low and high of 309 and 324 JPY, respectively. Trading volume was 38.78 million, significantly above the average of nearly 25 million. According to Google Finance, the stock is down almost 10% after rising 58% in the last few weeks, and the year-to-date return is down 33%.

CoinGape also noted that Iran's retaliation to US strikes on Larak Island has raised uncertainty among investors. Bitcoin is trading around $78,000 today, despite selling by retail investors, and has dropped more than 3% from recent $81,000 highs. Analysts expect a rebound in the coming days, according to CoinGape.