Metaplanet Denies Bitcoin Sale

Cryptocurrency treasury firm Metaplanet has denied selling $320 million U.S. worth of its Bitcoin (CRYPTO: $BTC) holdings. 

Metaplanet CEO Simon Gerovich has dismiss reports of a massive Bitcoin sale, clarifying that a recent BTC transfer was a routine custody transfer and not a liquidation of the cryptocurrency.

"We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours. This was a routine custody operation. No Bitcoin was sold…" said Gerovich.

Tokyo-based Metaplanet continues to own 43,000 Bitcoin worth $2.73 billion U.S. based on the current market price. 

Data tracking firms had flagged the movement of $320 million U.S. of Bitcoin from wallets linked to Metaplanet, raising speculation that the company was preparing to sell those digital coins.

Interest in the selling of Bitcoin by crypto treasury firms has risen as Strategy (NASDAQ: $MSTR) has sold some of its BTC holdings in recent weeks.  

Strategy has been selling Bitcoin to fund dividend payments on its preferred stock (NASDAQ: $STRC) and replenish its U.S. dollar reserves.

Metaplanet's stock has declined 78% over the last 12 months on the Tokyo Stock Exchange.