Metaplanet CEO denies Bitcoin sale after 5,014 BTC transfer

Metaplanet moved 5,014 BTC worth $322 million between custodial wallets, with CEO Simon Gerovich confirming no sale and holdings at 43,000 BTC.

"We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours. This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC," Gerovich said on X on Aug. 12.

The transfer, visible in real time because Metaplanet publishes all its wallet addresses, cost approximately $8 in total network fees. Bitcoin network fees are driven by transaction data size and network congestion, not dollar value, which is why a nine-figure transfer settled for the price of a sandwich. The company is the third-largest publicly traded corporate Bitcoin holder, behind Strategy at 840,447 BTC and Twenty One Capital at 43,514 BTC, according to BitcoinTreasuries data. Metaplanet shares traded around 223 yen, up 0.9 percent, at 1:14 p.m. JST on Aug. 13.

The clarification matters because Metaplanet's stock has traded below the value of its Bitcoin holdings, and the company carries roughly $1.4 billion in unrealized losses at an average acquisition price of about $96,191 per BTC, per Lookonchain estimates. Metaplanet targets 100,000 BTC by end-2026 and 210,000 BTC by end-2027, requiring another 57,000 BTC to reach the first milestone.

$322 Million for $8 in Fees

The company's disclosed addresses give investors a way to monitor its Bitcoin holdings on-chain rather than relying solely on periodic corporate disclosures. Observers can track transfers between addresses Metaplanet has identified as belonging to the company and determine whether Bitcoin moved to an exchange or another publicly identified destination. That transparency means routine custody activity can attract attention even when it does not represent a sale.

The transfer follows a similar pattern from March, when Metaplanet moved about 4,986 BTC worth roughly $368 million after several months of wallet inactivity. Those coins were reported as moving to new wallets without evidence of disposal. The company raised its treasury to 43,000 BTC after purchasing 2,823 BTC during the second quarter, with an overall average acquisition price of about 15.3 million yen per Bitcoin.

Metaplanet's strategy extends beyond accumulation. The company launched a ¥4 billion Bitcoin venture initiative in March to invest in financial infrastructure in Japan and has explored Bitcoin-backed credit products and securities businesses. Those activities provide several possible uses for custody arrangements beyond selling assets, although Metaplanet has not connected the latest transfer to a financing product or investment.

Bitcoin traded near $63,616 and was little changed on the day, according to CoinGecko data. The lack of movement to an exchange suggests no immediate selling intent, consistent with Metaplanet's stated philosophy of accumulating and holding Bitcoin for the long term.

This article is for informational purposes only and does not constitute investment advice.