Metaplanet says $320 million bitcoin move was internal

Metaplanet has rejected speculation that it sold hundreds of millions of dollars worth of bitcoin, saying a large movement of cryptocurrency detected on-chain was an internal custody transfer and that its holdings remain unchanged at 43,000 BTC.

Chief Executive Simon Gerovich said the Tokyo-listed company transferred 5,014 bitcoin between Metaplanet-controlled custodial addresses over a 24-hour period. The cryptocurrency was worth roughly $320 million at prevailing market prices. He said no bitcoin was sold and described the transactions as routine custody operations.

The clarification followed intense scrutiny of transactions involving wallets associated with Metaplanet. Blockchain trackers initially identified movements totalling 3,881 BTC, valued at about $247 million, prompting speculation that the company might be reducing its treasury after bitcoin’s sharp decline from higher levels earlier in the year. Subsequent transfers brought the total moved to 5,014 BTC.

Gerovich said Metaplanet publishes its bitcoin addresses, making transfers between them visible to blockchain observers in real time. The company said the movement generated only about $8 in network transaction fees, underlining the difference between moving cryptocurrency between custodial wallets and disposing of it through the market.

Metaplanet’s own treasury tracker continues to show holdings of 43,000 BTC. At bitcoin prices around $63,800, the position is valued at roughly $2.7 billion, although its market value has fluctuated sharply alongside the cryptocurrency.

The company reached the 43,000 BTC level in July after acquiring another 2,823 bitcoin for approximately $171 million during the second quarter. That purchase lifted holdings from 40,177 BTC at the end of the first quarter and reinforced Metaplanet’s position among the world’s largest listed corporate holders of bitcoin.

Metaplanet has transformed its corporate strategy since adopting bitcoin as its primary treasury reserve asset in 2024. The company has relied on equity issuance, debt and other financing mechanisms to fund purchases, drawing comparisons with Strategy, the US-listed company whose long-running bitcoin accumulation strategy helped popularise the corporate treasury model.

Its expansion has accelerated during 2026. Metaplanet added 5,075 BTC during the first quarter for around $400 million before the further second-quarter purchases took the treasury to 43,000 BTC. The company has set an ambitious target of holding 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027.

That strategy has also exposed shareholders to bitcoin’s volatility. With bitcoin trading well below some of the prices at which Metaplanet accumulated its coins, the company is carrying substantial unrealised losses on portions of its treasury. Its shares have also experienced pronounced swings as investors reassess the premium they are willing to pay for listed companies whose valuations are closely linked to cryptocurrency holdings.

The latest transfer therefore attracted unusually close attention. Large movements from known corporate wallets can quickly trigger assumptions that coins are being sent to exchanges for sale, particularly during periods of market weakness. Blockchain data can show that assets have moved, but it does not by itself establish whether ownership has changed or whether a sale has occurred.

Metaplanet’s disclosure indicates the coins remained within its custody structure. No regulatory filing announcing a bitcoin disposal accompanied the transfers, while the company’s official website and analytics platform continued to display the full 43,000 BTC treasury balance on Thursday.

The episode highlights the heightened sensitivity surrounding companies that have made bitcoin central to their balance sheets. Investors monitor wallet movements, financing arrangements and cryptocurrency prices because changes in any of those factors can rapidly affect both net asset values and equity prices.