Metaplanet’s $322M Bitcoin Transfer Sparks Sale Fears — CEO Says No BTC Was Sold

The episode highlights a common misconception in blockchain analysis that a large transaction is a disposal, even though Bitcoin is often transferred between custodians, cold storage, or other addresses controlled by the same owner. In these cases, the helpful ownership or treasury balance is not really changing. Publicly tracked corporate wallets may lead to speculation before the purpose of a transaction is known.

Despite the transfers, Metaplanet’s official website declared it still held 43,000 BTC, including 2,823 BTC that it had bought in the second quarter of the year. Metaplanet’s website further reported the average acquisition Bitcoin price at 15.3 million yen.

Although Bitcoin accumulation is a part of Metaplanet’s treasury strategy, it has set targets beyond 2027. Its ever-increasing balance has made it one of the largest public corporate Bitcoin holders in the world, and as such, it has attracted increased investor scrutiny whenever Bitcoin move onchain.

Tracking of market transactions has also provided an estimate of the difference between the price at which Metaplanet acquired its Bitcoin and the price it could sell them for. 

Lookonchain estimated an unrealized loss of about $1.4 billion based on an average acquisition cost of about $96,191 and a price roughly at $63,600 for BTC. It was an external estimate of mark-to-market loss and not a loss reported by Metaplanet itself. A mark-to-market loss is not realized until a sale.

While Metaplanet’s primary trading location is Tokyo, it also trades on the OTCQX marketplace in the United States under the ticker MTPLF. Its corporate documentation and blockchain transactions are closely monitored for treasury updates.

Though the company report and Gerovich agree that the 5,014 BTC is a mere address update, and with no disclosures of further clearings, Metaplanet reports a cache of 43,000 BTC.