Metaplanet Moves $108M in Bitcoin to Coinbase Prime

Metaplanet has transferred 1,350 Bitcoin worth about $108 million to Coinbase Prime as BTC struggles to establish a firm break above $80,000.

Metaplanet sends another 1,350 BTC to Coinbase Prime

Lookonchain reported on Aug. 28 that Metaplanet transferred 1,350 BTC, valued at approximately $108 million, to Coinbase Prime. The on-chain analytics account identified the sending addresses as belonging to the Tokyo-listed Bitcoin treasury company.

A transfer to Coinbase Prime can place the assets within reach of institutional trading services, which has led some market participants to question whether Metaplanet could sell part of the position. However, the transaction alone does not prove that a disposal has occurred because Coinbase Prime also offers custody, financing, and collateral services.

Metaplanet had not announced a sale or reduction in its official Bitcoin balance at the time of reporting. Confirmation would require a company disclosure or further on-chain evidence showing that the coins were sold rather than held in an account under the company’s control.

The latest movement came three days after Metaplanet sent another 1,000 BTC, worth approximately $79.77 million at the time, to the same platform. As crypto.news previously reported, Lookonchain classified the Aug. 25 destination as a Coinbase Prime wallet, although neither Metaplanet nor Coinbase identified the transfer as a sale.

Across both transactions, Metaplanet has now moved 2,350 BTC to Coinbase Prime within four days. Based on the dollar values reported at the time of each movement, the two transfers were worth nearly $188 million in total.

Earlier Metaplanet transfers did not result in sales

Large movements from Metaplanet-linked wallets have drawn similar attention before, but the company has previously said that some transactions involved custody changes rather than disposals.

On Aug. 12, Lookonchain initially detected 3,881 BTC leaving wallets linked to the firm. Chief executive Simon Gerovich later said Metaplanet had transferred 5,014 BTC between custodial addresses and had not sold any of the coins.

The clarification showed the limits of drawing conclusions from destination labels alone. Blockchain records can confirm that Bitcoin moved from one address to another, but they do not always reveal the legal owner of the destination account or the reason for the transaction.

Coverage of the earlier wallet movements also noted that the company’s reported treasury remained unchanged at 43,000 BTC after the custody reorganization. Metaplanet had acquired the position at a disclosed average cost of about 15.3 million yen per coin, while Lookonchain converted the figure into an estimated average of $96,191.

At an average cost of $96,191, the company’s 43,000 BTC position represents an estimated investment of about $4.14 billion. Bitcoin trading near $79,133 would value the same amount at roughly $3.4 billion, although the yen-dollar exchange rate and accounting method can affect comparisons with Metaplanet’s official figures.

Arkham’s address labels showed approximately 38,650 BTC, valued at nearly $3.07 billion, in wallets attributed to the company. The difference between Arkham’s tracked balance and Metaplanet’s declared holdings does not establish a sale because analytics platforms may not identify every custodial account or address controlled by a company.

Metaplanet’s reported balance remains at 43,000 BTC

Metaplanet reached 43,000 BTC after buying 2,823 coins during the second quarter at an average price of 12.7 million yen each. Its overall purchase cost then stood at 15.3 million yen per BTC, according to a July 2 company disclosure.

The 2,823 BTC purchase increased the treasury from 40,177 BTC at the end of the first quarter. Management has set a target of holding 210,000 BTC by the end of 2027, equal to about 1% of Bitcoin’s fixed 21 million supply.

Financial results released on Aug. 13 showed that Metaplanet generated 4.94 billion yen in revenue during the six months ended June 30, up 133.7% from the previous year. Operating profit rose 136.3% to 3.33 billion yen, or about $20.3 million.

Metaplanet nevertheless recorded a net loss of 182.77 billion yen for the half-year period. Its filing attributed most of the loss to a 184.3 billion yen non-cash reduction in the reported value of its Bitcoin holdings, while the company said it had not sold Bitcoin during the period.

Revenue from the Bitcoin income segment reached 4.74 billion yen, with about 4.58 billion yen coming from option premiums. The company uses options as part of its treasury operations, making the income business separate from gains or losses created by changes in Bitcoin’s market price.

U.S. treasury plans add another use for Metaplanet’s Bitcoin

Part of Metaplanet’s treasury has already been committed to a proposed transaction involving Nasdaq-listed Super League Enterprise, giving the company a direct link to U.S. capital markets.

Under an agreement announced on Aug. 18, Metaplanet will contribute 2,100 BTC and $2.5 million in cash to Super League. The companies valued the initial investment at approximately $134.6 million based on Bitcoin’s Coinbase closing price at 4 p.m. New York time on Aug. 14.

The proposed U.S. treasury transaction would rename Super League as Superplanet and change its planned Nasdaq ticker to SUPA. Metaplanet is expected to receive 44.86 million common shares, convertible preferred stock, and warrants, leaving it with an estimated 95.7% ownership stake.

For American investors, the structure would provide Nasdaq-traded equity exposure to a company expected to hold 2,100 BTC at closing. Metaplanet would also appoint five of the nine initial directors, while common shares issued to the Japanese company would remain subject to a five-year lock-up.

The transaction still requires Super League shareholder approval, compliance with Nasdaq requirements, and applicable procedures in the United States and Japan. Both companies are targeting completion during the fourth quarter of 2026, and neither has connected the latest Coinbase Prime transfers to the proposed contribution.

Bitcoin stalls near $80,000 as Strategy builds cash

Bitcoin traded around $79,133 at the time of the original report after retreating from a 24-hour high of $81,281. The move left BTC near the $80,000 area, where buyers were attempting to turn the recent breakout level into support.

Corporate treasury activity has also remained in focus after Strategy reported no Bitcoin purchases or sales between Aug. 17 and Aug. 23. Its holdings stayed at 840,447 BTC, acquired for an aggregate $63.36 billion at an average price of $75,385 per coin.

An Aug. 24 filing with the U.S. Securities and Exchange Commission showed that Strategy raised approximately $2 billion by selling 18.26 million MSTR shares during the week. After using $136.4 million to repurchase STRC preferred stock, the company placed $300 million in its existing dollar reserve and about $1.59 billion in a separate cash account.

Strategy’s combined cash position consequently reached $6.69 billion, including $5.1 billion in its dollar reserves. According to the SEC filing, the cash can fund Bitcoin purchases, preferred-stock dividends, debt payments, or repurchases of the company’s securities, but Strategy did not commit it to a single use or provide a deployment schedule.

Separately, MSCI is considering a methodology that could exclude companies treated as non-operating businesses when digital assets account for at least half of their total assets. Feedback on the consultation closes Sept. 30, and MSCI expects to announce its decision by Oct. 16, with any resulting removals potentially entering the November 2026 index review.