Metaplanet, the third-largest Bitcoin treasury firm, transferred 2,400 BTC to Coinbase Prime on August 31, a deposit valued at roughly $186 million. The move caused the company's stock to drop 9.83% on Monday, closing at 312 Japanese yen.
Transfer Raises Selloff Concerns
The deposit was first flagged by blockchain analytics firm Lookonchain. Metaplanet denied that recent transfers were intended for selling, noting that the associated wallets belong to Coinbase's institutional platform rather than a retail exchange order book.
This marks the second notable transfer in quick succession. The previous week, Metaplanet moved approximately $108 million worth of Bitcoin to Coinbase Prime while BTC price had reclaimed $80,000.
Market anxiety was further compounded by reports that Metaplanet and Strategy faced delisting from the MSCI Index.
Unrealized Losses Mount
Metaplanet currently holds 43,000 BTC valued at $3.36 billion, acquired at a total cost of $4.41 billion. This leaves the company sitting on approximately $1.05 billion in unrealized losses.
Wintermute Also Moves Significant BTC
Crypto market maker Wintermute transferred 5,100 BTC worth nearly $399 million to Binance over the past two days, according to on-chain data. Wintermute has also maintained short positions across ETH, SOL, XRP, HYPE, and DOGE.
Stock Reaction and Market Context
Metaplanet shares closed at 312 yen, with a 24-hour range between 309 and 324 yen. Trading volume reached 38.78 million shares, well above the average of approximately 25 million. The stock had risen 58% in the preceding weeks but is now down 33% year-to-date.
Bitcoin itself was trading near $78,000 at the time of reporting, down more than 3% from recent highs around $81,000, amid broader geopolitical uncertainty including Iran's retaliation to US strikes on Larak Island.
