Tokyo-listed Bitcoin treasury company Metaplanet moved more than $480 million in BTC to Coinbase Prime between late August and August 31, 2026, according to on-chain data from Lookonchain and Onchain Lens. The transfers included roughly 2,400 BTC ($186 million) across August 25 and August 28, a 3,000 BTC deposit ($237 million) on August 29, and an additional 800 BTC ($62.2 million) deposit, bringing total transfers to more than 3,200 BTC since late August.
CEO Simon Gerovich responded quickly to concerns that large exchange deposits often signal selling, stating that the moves are custodial in nature and not a signal to liquidate. Coinbase Prime is an institutional prime brokerage platform offering custody, trading and financing services, making it more like a bank vault than a retail exchange. This is not the first time Metaplanet has triggered on-chain speculation. Earlier in August, the company moved more than 5,000 BTC between internal custodial addresses, which Gerovich described as routine treasury housekeeping.
Metaplanet now holds approximately 43,000 BTC with a total cost basis of about $4.09 billion, or roughly $96,191 per coin. The company follows a MicroStrategy-style playbook, using equity raises, convertible bonds and operational cash flow to accumulate Bitcoin as a primary treasury reserve asset. Metaplanet has also indicated it may use its Bitcoin holdings for yield-generating activities such as lending.
Metaplanet is advancing plans for Superplanet, a proposed US-based, Nasdaq-listed Bitcoin treasury platform developed with Super League Enterprises. The plan involves contributing 2,100 BTC and $2.5 million in cash, with a shareholder vote targeted for the fourth quarter of 2026. Bitcoin's price showed minimal reaction to the transfers, even as hundreds of millions of dollars in BTC moved on-chain in plain view.
