Key facts
- Metaplanet deposited 2,400 BTC into Coinbase Prime on August 31.
- The transfer was valued at approximately $186 million.
- Metaplanet's stock price fell 9.83% to 312 JPY.
- Wintermute transferred 5.10K BTC to Binance over the past two days.
- Metaplanet holds 43,000 BTC acquired for $4.41 billion, now worth $3.36 billion.
Metaplanet, a significant holder of Bitcoin, has transferred an additional 2,400 BTC, valued at approximately $186 million, to Coinbase Prime. This latest move on August 31 follows a previous transfer of Bitcoin worth about $108 million to the same exchange. These transactions have heightened concerns among crypto market participants, particularly as Bitcoin prices have seen a recent decline.
The firm has denied that previous transfers were for selling purposes, noting the wallets are associated with Coinbase's institutional platform. Metaplanet currently holds 43,000 BTC, acquired for $4.41 billion and now valued at $3.36 billion, indicating nearly $1.05 billion in unrealized losses.
Adding to market jitters, crypto market maker Wintermute has transferred 5.10K BTC, worth nearly $399 million, to Binance over the past two days. Wintermute also reportedly holds short positions on multiple other crypto assets, including ETH, SOL, XRP, HYPE, and DOGE.
Metaplanet's stock price reflected the market uncertainty, closing down 9.83% at 312 JPY on Monday, with trading volume significantly above average. The company's year-to-date return is down 33%. Despite these selloffs, Bitcoin is currently trading around $78,000, a more than 3% drop from recent highs of $81,000, with analysts anticipating a potential rebound.