Japan's Metaplanet moves $237 million of bitcoin to Coinbase, selling speculation spreads

Japan's bitcoin treasury company Metaplanet moved about $237 million worth of bitcoin to Coinbase Prime, fuelling speculation it may be looking to sell part of its holdings.

The blockchain outlet U.Today reported on Aug. 29 that the transfer came as bitcoin's recent rise has lost momentum.

Metaplanet has steadily bought bitcoin, but the large transfer diverged from its previous pattern and drew market attention. The market is interpreting the transaction as a sign that Metaplanet has begun taking a cautious stance on bitcoin's price trend.

As of Aug. 18, the company held 43,000 BTC, the third-largest amount among listed companies worldwide. Interest has focused on the reason for the large transfer, given that it has increased holdings by making bitcoin a core reserve asset.

Earlier, Metaplanet also announced a plan to invest 2,100 BTC in U.S. Nasdaq-listed Super League Enterprise and launch a U.S. bitcoin treasury platform called Superplanet. Because it uses bitcoin for strategic investment and financial business rather than merely holding it, further confirmation is needed on whether the transfer reflects an actual sale or a move for another business purpose.

Still, the transfer alone cannot confirm an actual sale. A move to a crypto exchange such as Coinbase Prime does not immediately mean a disposal. Even so, the size and timing of the transaction have led to continued market speculation that Metaplanet may be attempting to reduce part of its holdings.