Metaplanet transferred 2,400 bitcoin worth approximately $186 million to Coinbase Prime on August 31, marking its third large deposit to the exchange within a week. The transfers came as bitcoin traded below the company's average purchase price.
Blockchain data showed the August 31 transfer was divided into six deposits ranging from 103 to 800 bitcoin over three hours. This followed a 1,000 bitcoin deposit on August 25 and a 1,350 bitcoin transfer on August 28, bringing total deposits to Coinbase Prime to at least 4,750 bitcoin worth approximately $374 million within seven days.
Metaplanet reported 43,000 bitcoin on its balance sheet, valued at approximately $3.36 billion at an average purchase price of roughly $96,191 per coin. With bitcoin trading near $78,000 last week, the company's holdings were trading below their acquisition cost.
CEO Simon Gerovich stated the transfers were routine custody operations with no intention to liquidate holdings. He noted that similar reshuffles in August and March had occurred without resulting in sales, and the company's bitcoin holdings remained at 43,000 coins.
Coinbase Prime, where the deposits were held, offers regulated cryptocurrency custody, over-the-counter trading, and collateral services.
Metaplanet is the world's third-largest listed corporate holder of bitcoin, according to Bitcoin Treasuries data, behind Strategy and just under Twenty One Capital.
