Bitcoin treasury Metaplanet moved 1,000 BTC, worth $79.77 million, into Coinbase Prime earlier today, days after Bitcoin.com News reported the company’s holdings had reached 43,000 BTC.
Metaplanet Moves 1,000 BTC Into Coinbase Prime Custody
WRITTEN BY
SHARE
Key Takeaways
- Metaplanet moved 1,000 BTC ($79.77 million) into Coinbase Prime.
- The transfer follows Metaplanet crossing 43,000 BTC in total holdings just days earlier.
- Metaplanet’s average cost basis sits near $96,000 per coin, above bitcoin’s price for much of this year.
A Milestone Stack, Built Fast
Japanese bitcoin treasury giant Metaplanet once again moved 1,000 BTC, worth roughly $79.77 million, into Coinbase Prime on Aug. 25. The transfer followed Bitcoin.com News’ earlier report in which the company reported its holdings to be 43,000 BTC. The latest move suggests that the coins involved were Metaplanet-owned rather than a fresh open-market purchase.
Lookonchain pegged the average price of the company’s 43,000 BTC position at $96,191 per coin, a number that adheres to Metaplanet’s own disclosed aggregate cost basis of about $4.09 billion.
Also, it bears mentioning that the firm’s accumulation over the last couple of years has been extremely rapid, akin to how Strategy has operated and built its coffer. To elaborate, at the end of Q4 2024, Metaplanet held just 1,761 BTC, but within 24 months, that stack had ballooned to 40,177 BTC.
Most recently, Metaplanet purchased 2,823 bitcoins for $225 million to arrive at its current 43,000 BTC threshold, cementing its position as Asia’s largest publicly traded bitcoin holder and placing it among the largest corporate holders globally (trailing only Strategy Inc. and a small handful of peers).
In terms of funding, the company has primarily raised its bitcoin via equity issuances and, more recently, structured products tied to its share price. The company has time and again set an accumulation goal of 210,000 BTC for itself by 2027 end.
Why Move Coins to an Exchange Custodian
From the outside looking in, a substantial transfer to Coinbase Prime is not a direct sell play but could also be done for regulated custody, over-the-counter execution on future purchases, or to facilitate corporate transactions like Metaplanet’s recent deal to contribute 2,100 BTC to Nasdaq-listed Super League Enterprise (forming a dedicated U.S. treasury platform called Superplanet in which Metaplanet will hold roughly 95.7% of outstanding shares).
In any case, with bitcoin price movements still well below Metaplanet’s average purchase price, investors will be curious to see how the freshly custodied bitcoin can support the company as it chugs along on its path to accumulating 210,000 BTC. Either way, anytime a large custody transfer from an entity like Metaplanet takes place, it is bound to draw a lot of eyes from market participants across the board.
