Metaplanet Shifts Nearly 3,900 Bitcoin Between Its Own Wallets

Metaplanet moved 3,881 bitcoin, worth roughly $247 million, across multiple transactions over a three-hour window on Wednesday, according to blockchain tracking data. The funds went from the company’s cold storage wallets to new addresses still under its own control, not to any exchange.

Why This Doesn’t Signal Selling

Moving bitcoin between self-custody wallets does not increase the amount of tradable supply the way sending coins to an exchange would. Since the destination wallets remain under Metaplanet’s control, the transfer looks like internal custody management rather than an attempt to sell.

A Familiar Pattern for the Company

This isn’t the first time Metaplanet has made such a move. Back in March, the company shifted almost 5,000 BTC using a similar approach, starting with small test transactions before moving larger amounts into new wallets, a pattern analysts previously linked to routine wallet reorganization.

Company Sitting on Steep Unrealized Loss

Metaplanet holds about 43,000 BTC at an average purchase price near $96,000. With bitcoin trading around $63,600, the firm is facing an unrealized loss of roughly $1.4 billion, a 34% decline. The company has remained one of the most active corporate bitcoin buyers since April 2024, with a long-term target of 210,000 BTC.