Metaplanet's bitcoin is worth less than it paid as another 2,400 coins reach Coinbase

Metaplanet put 2,400 bitcoin worth around $186 million into Coinbase Prime over three hours on August 31.

The firm’s third large transfer to the exchange in a week comes as bitcoin trades well below the average buy price for the Tokyo-listed company.

Six deposits from 103 BTC to 800 BTC in 3 hours

Arkham data showed Metaplanet’s transfer occurred on August 31 and was broken into six deposits from 103 BTC to 800 BTC.

The sole 800 BTC leg, valued at some $62 million, went out about half an hour before the rest, which then came down in quick succession.

A deposit of 1,000 BTC on August 25 was worth about $79.77 million at the time, while 1,350 BTC, worth about $108 million, went out on August 28.

Metaplanet has sent at least 4,750 BTC, worth ~$374 million, to Coinbase Prime in under seven days.

It’s unclear how much of the 3,000 BTC overlaps, so the total counts only the distinguishable transfers.

On August 29, Lookonchain tweeted that 3,000 BTC, worth around $237 million, had hit Coinbase Prime in a 24-hour period.

Metaplanet still reports 43,000 BTC on its balance sheet, now worth about $3.36 billion, at an average purchase price of ~$96,191 per coin.

None of these recent deposits have been connected to any confirmed decrease in that holding.

Coinbase Prime holds crypto in regulated custody. It offers over-the-counter (OTC) trading and offers collateral services.

Superplanet would take 4.9% of the holdings and $2.5 million in cash

Bitcoin was trading close to $78,000 last week. This price puts Metaplanet’s coins underwater against their $96,191 cost.

That gap does make a sale a costly proposition, because selling now means taking the loss.”

CEO Simon Gerovich has pushed back on the sale chatter directly, calling the transfers custodial and not showing “any intention to liquidate.”

Gerovich explained that the company had actually moved 5,014 BTC when trackers flagged a 3,881 BTC transfer around August 13.

“This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC,” Gerovich wrote on X, per Cryptopolitan.

A similar 4,986 BTC reshuffle in March also ended without a sale.

Metaplanet has offered to give Superplanet 2,100 BTC plus $2.5 million in cash, or about 4.9% of its present holdings.

Superplanet is a Nasdaq-listed US bitcoin treasury platform that Metaplanet is building with Super League Enterprises.

Nasdaq filings, regulatory approval in the US and Japan, and a Super League shareholder vote anticipated in the fourth quarter of 2026 are all prerequisites for that plan.

Metaplanet is the world’s third-largest listed corporate holder of bitcoin, according to data from Bitcoin Treasuries. It’s behind Strategy’s 840,447 coins and just under Twenty One Capital’s 43,514.

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