Key conclusions
- On August 31, Metaplanet deposited 2,400 bitcoins worth $186 million in the Coinbase Prime depository.
- The company’s total transfer volume to the same exchange address exceeded 4,750 BTC in seven days.
- CEO Simon Gerovich assures that the operations are of a fiduciary nature and do not constitute an announcement of an asset sale.
This was not an isolated incident. On August 25, the company transferred 1,000 BTC, then valued at $79.77 million. Three days later, on August 28, another 1,350 BTC worth $108 million was transferred to the same trust account.
Bitcoin miner Metaplanet (@Metaplanet), which bought 43,000 ($3.48B) at an average price of $96,191, deposited another 2,400 ($186M) into Coinbase Prime in the past 3 hours. https://t.co/HGljOETBsX
In less than a week, Metaplanet transferred at least 4,750 BTC worth $374 million to Coinbase Prime depositories.
However, the company’s official balance sheet has not decreased. The company constantly has 43,000 bitcoins in its corporate treasury portfolios. The value of this market stake is currently approximately USD 3.48 billion with an average acquisition cost of USD 96,191 per unit.
CEO Simon Gerovich put an end to stock market speculation about possible loss realization. He stressed that all movements in Coinbase Prime addresses are for the sole purpose of reorganization and custody. The Management Board does not plan to liquidate the position.
The institutional structure of Coinbase Prime provides corporate clients with regulated deposit, OTC services and collateral mechanisms. The transfers did not result in actual sales of assets on the open market.
Reorganization of the structure under the new Superplanet entity
The background of these movements is directly related to the new corporate initiative. Metaplanet is preparing to contribute 2,100 BTC and $2.5 million in cash to the Superplanet entity. The platform, created in cooperation with Super League Enterprises, is to debut on the American Nasdaq market.
Approval of this transaction requires a vote of Super League shareholders scheduled for the fourth quarter of 2026. Formal approvals from regulatory authorities in the United States and Japan are also required.
Storing bitcoins in a centralized institutional depository gives the company operational flexibility and facilitates a procedural audit before the upcoming debut on the American stock exchange. Keeping such significant funds in several cold storage wallets would make it difficult to quickly meet supervisory requirements.
The current market rate is an additional background. Bitcoin is currently trading at around $78,000. Exiting the position at this ceiling would mean taking a hard loss for the company, given its average purchase cost of over $96,000 per coin.
The information presented in the article does not constitute investment advice.
