On Wednesday, Metaplanet transferred 3,881 BTC, equivalent to roughly $247 million, over a span of three hours, according to data from Arkham.
The transactions were executed from the company's cold wallets to newly created addresses under its control, rather than being sent to an exchange.
Such transfers to new self-custody wallets do not increase the tradable supply in the market like deposits to exchanges do, indicating that these transactions are not indicative of selling activity.
This is not the first instance of Metaplanet performing similar moves; in March, the company shifted nearly 5,000 BTC following a comparable pattern, where smaller test transactions preceded larger amounts transferred to new wallets. Analysts interpreted that activity as a reshuffling of internal custody rather than a distribution of assets. The recent on-chain data does not suggest anything different.
Metaplanet acquired its approximately 43,000 BTC at an average price of around $96,000, which means with Bitcoin currently priced at $63,600, the company is facing an unrealized loss of about $1.4 billion, representing a decline of 34%.
Since April 2024, Metaplanet has emerged as one of the most prominent corporate buyers, with a goal of accumulating 210,000 BTC.