The Japanese Bitcoin custody giant Metaplanet transferred another 1,000 $BTC, worth approximately $79.77 million, to Coinbase Prime on August 25. This transfer follows a previously published report by Bitcoin.com News, which stated the company's holdings are 43,000 $BTC. The latest move suggests these are coins already owned by Metaplanet, rather than a fresh open-market purchase.
According to Lookonchain, the average price of the 43,000 $BTC in the company's portfolio is $96,191 per coin, which corresponds to Metaplanet's disclosed aggregate portfolio value of approximately $4.09 billion.
Furthermore, it's worth noting that the company's asset accumulation over the past couple of years has been extremely rapid, similar to how Strategy Inc. has acted and replenished its treasury. To elaborate, at the end of Q4 2024, Metaplanet held only 1,761 $BTC, but over 24 months, this reserve grew to 40,177 $BTC.
Most recently, Metaplanet acquired 2,823 bitcoins for $225 million, thereby reaching the current threshold of 43,000 $BTC, solidifying its position as Asia's largest publicly traded Bitcoin holder and placing it among the world's largest corporate holders (trailing only Strategy Inc. and a small number of other companies).
Regarding financing, the company has primarily raised funds for Bitcoin purchases through equity issuances, and more recently, through structured products linked to its stock price. The company has repeatedly set a goal to accumulate 210,000 $BTC by the end of 2027.
Why Transfer Coins to an Exchange Custodian
From the outside, a large transfer to Coinbase Prime might not look like a direct sale, but it could also be made to ensure regulated custody, to facilitate future off-exchange purchases, or to ease corporate deals, such as Metaplanet's recent agreement to contribute 2,100 $BTC to Nasdaq-listed company Super League Enterprise (resulting in the creation of a specialized US treasury platform called Superplanet, in which Metaplanet will own approximately 95.7% of the outstanding shares).
In any case, as Bitcoin's price action remains significantly below Metaplanet's average purchase price, investors will be interested to see how the recently custody-transferred bitcoins can support the company on its path to accumulating 210,000 $BTC. In any event, whenever a major custody transfer of assets occurs from a company like Metaplanet, it inevitably attracts close attention from market participants at all levels.
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