Metaplanet deposits 2,400 Bitcoin worth $186M into Coinbase Prime

Metaplanet, the Tokyo-listed company that has quietly become one of the world’s largest corporate Bitcoin holders, moved roughly 2,400 BTC worth approximately $186M into Coinbase Prime over a span of days in late August. For anyone watching the blockchain and wondering if Japan’s answer to MicroStrategy was about to hit the sell button, the company’s CEO had a simple message: relax. The deposits, split across multiple transactions on August 25 and August 28, represented a sizable chunk of the firm’s treasury. But they were followed almost immediately by an even larger transfer of 3,000 BTC, valued at roughly $237M, on August 29. That’s over $420M in Bitcoin flowing into a single custodial platform in less than a week. Custodial shuffling, not a fire sale CEO Simon Gerovich addressed the inevitable speculation head-on. The transfers, he stated, are custodial in nature and do not signal any intention to liquidate the company’s Bitcoin position. This isn’t the first time Metaplanet has triggered on-chain anxiety. Earlier in August, the company moved over 5,000 BTC between its own internal custodial addresses. Gerovich characterized those transfers as routine adjustments, the kind of h...