On-chain data shows that Japanese listed company Metaplanet has once again transferred Bitcoin to Coinbase Prime. The most recent transfer was 1,350 BTC, which was worth approximately 108 million US dollars at the time. Since Coinbase Prime provides trading, custody, and mortgage services simultaneously, this transfer alone does not prove that the company has sold its Bitcoin.
A total of 2,350 BTC were transferred within four days.
Lookonchain disclosed this transfer on August 28th, identifying the sending address as a wallet related to Metaplanet. Prior to that, on August 25th, the company had also transferred 1000 BTC. The two transfers amounted to a total of 2350 BTC, and at the price at the time of transfer, the total value was close to 188 million US dollars.
At the company disclosure level, as of the time of this report, Metaplanet has not announced any reduction in holdings or sale of Bitcoin. To confirm whether any disposition has occurred, further disclosures from the company or clearer subsequent movements on the blockchain will be needed.
Previous transfers were previously explained as custody adjustments.
Similar large-value transfers have also drawn market attention before. On August 12th, Lookonchain noticed that a wallet associated with Metaplanet transferred 3,881 BTC. Subsequently, CEO Simon Gerovich stated that the company was transferring 5,014 BTC between different custody addresses at that time, and no sales were made.
This also indicates that it is difficult to directly determine the purpose of a transaction based solely on the transfer address tag. While on-chain records can confirm the transfer of assets, they may not necessarily reveal the legal ownership of the receiving account, nor whether the funds were used for purposes such as sale, custody adjustment, or mortgage arrangement.
The official holding remains at 43,000 bitcoins.
The company disclosed that Metaplanet purchased 2,823 units of BTC in the second quarter, at an average purchase price of 12.7 million yen per unit. By July 2, when the disclosure was made, the company's total holdings had risen to 43,000 units of BTC, with an overall average cost of approximately 15.3 million yen per unit.
The wallet marked with Arkham currently holds approximately 38,650 BTC, which is lower than the 43,000 reported by the company. However, this difference does not necessarily indicate that the company has sold any coins, as blockchain analysis platforms may not be able to fully identify all managed accounts or associated addresses.
According to the company's disclosure, Metaplanet plans to increase its holdings to 210,000 BTC by the end of 2027, which is approximately 1% of the total fixed supply of Bitcoin.
Half-year revenue growth but recorded a net loss
The company disclosed that in the first half of the year, up to June 30, Metaplanet achieved revenue of 4.94 billion yen, a year-on-year increase of 133.7%; and operating profit of 3.33 billion yen, a year-on-year increase of 136.3%.
However, the company recorded a net loss of 182.77 billion yen during the same period. According to the documents, the main reason was a decrease in the book value of its Bitcoin holdings by 184.3 billion yen, which is a non-cash item. The company also stated that no Bitcoin was sold during the reporting period.
Its Bitcoin revenue business generated 4.74 billion yen, of which approximately 4.58 billion yen came from option premiums. This indicates that part of the company's earnings come from treasury operations, rather than relying solely on the rise in Bitcoin prices.
Some Bitcoin has been used for transaction arrangements in the United States.
Metaplanet is still advancing a transaction with the US stock company Super League Enterprise. According to the agreement announced on August 18th, Metaplanet will invest 2,100 BTC and $2.5 million in cash to the other party, with an initial investment valuation of approximately $134.6 million.
After the transaction is completed, Super League is planned to be renamed Superplanet, and its NASDAQ ticker symbol is scheduled to change to SUPA. According to the agreement, Metaplanet is expected to receive common shares, convertible preferred stock, and warrants, with a shareholding ratio of approximately 95.7%.
Additional information:The report also mentioned that Bitcoin was fluctuating around $80,000 at that time, and the market was also paying attention to the movements of corporate treasuries. Meanwhile, Strategy did not increase or decrease their holdings of Bitcoin from August 17th to 23rd, maintaining a position of 840,447 coins.
