Metaplanet has moved another 1,350 Bitcoin worth approximately $108 million to Coinbase Prime, reigniting market speculation over whether the Tokyo-listed treasury company could be preparing to sell part of its holdings. The transfer was detected by on-chain analytics account Lookonchain on August 28 and involved several transactions from wallets linked to Metaplanet.
The latest movement comes just three days after Metaplanet sent a separate 1,000 BTC, valued at roughly $79.77 million at the time, to the same platform. Together, the two transfers represent about 2,350 BTC moved to Coinbase Prime within four days, worth nearly $188 million based on prices at the time of each transaction.
A deposit to Coinbase Prime can support institutional trading, custody, financing, or collateral activity, and does not by itself confirm a sale. Metaplanet had not announced any reduction in its official Bitcoin balance at the time of reporting, and confirmation would require a company disclosure or further on-chain evidence showing that the coins were sold rather than held in an account under the company’s control.
Metaplanet’s reported treasury remains at 43,000 BTC. On-chain analytics platform Arkham, however, showed approximately 38,650 BTC in wallets attributed to the company, valued at nearly $3.07 billion. The difference does not establish a sale because analytics platforms may not identify every custodial account or address controlled by a company.
Metaplanet has previously drawn attention for similar large wallet movements. On August 12, Lookonchain initially detected 3,881 BTC leaving wallets linked to the firm. Chief executive Simon Gerovich later said Metaplanet had transferred 5,014 BTC between custodial addresses and had not sold any of the coins, showing the limits of drawing conclusions from destination labels alone.
The company reached 43,000 BTC after buying 2,823 coins during the second quarter at an average price of 12.7 million yen each. Its overall purchase cost stood at 15.3 million yen per BTC, according to a July 2 company disclosure. At an average cost of roughly $96,191, the 43,000 BTC position represents an estimated investment of about $4.14 billion, while Bitcoin trading near $79,133 would value the same amount at approximately $3.4 billion.
Financial results released on August 13 showed that Metaplanet generated 4.94 billion yen in revenue during the six months ended June 30, up 133.7% from the previous year. Operating profit rose 136.3% to 3.33 billion yen, or about $20.3 million. The company nevertheless recorded a net loss of 182.77 billion yen for the half-year period, which it attributed mostly to a 184.3 billion yen non-cash reduction in the reported value of its Bitcoin holdings.
Metaplanet also has a proposed U.S. treasury transaction involving Nasdaq-listed Super League Enterprise. Under the agreement announced on August 18, Metaplanet will contribute 2,100 BTC and $2.5 million in cash to Super League, valuing the initial investment at approximately $134.6 million based on Bitcoin’s Coinbase closing price on August 14. The U.S. vehicle would be renamed Superplanet and change its planned Nasdaq ticker to SUPA. Metaplanet is expected to receive 44.86 million common shares, convertible preferred stock, and warrants, leaving it with an estimated 95.7% ownership stake. Completion is targeted for the fourth quarter of 2026, subject to shareholder and regulatory approvals.
Bitcoin traded around $79,133 after retreating from a 24-hour high of $81,281, leaving buyers attempting to turn the $80,000 area into support. Corporate treasury activity remained in focus after Strategy reported no Bitcoin purchases or sales between August 17 and August 23, keeping its holdings at 840,447 BTC acquired at an average price of $75,385 per coin.
The MTPLF stock, traded on U.S. over-the-counter markets, has fallen nearly 22% year-to-date but recently closed above $2 with an average buy rating among analysts. Short interest on the stock increased considerably in August, reaching 43% of off-market transactions, with some retail investors monitoring the possibility of a short squeeze.
