Metaplanet shifted 3,881 BTC, worth about $247 million, across several transactions over three hours on Wednesday, per Arkham data.
The move went from the company’s cold wallets to new addresses it also controls, not to an exchange.
Transfers to fresh self-custody wallets don’t add to tradable supply the way deposits to an exchange do, so on their own they aren’t selling.
Metaplanet has done this before. It moved nearly 5,000 BTC in March in the same pattern, test transactions followed by larger amounts into new wallets, and analysts then read it as internal custody reshuffling rather than distribution. Nothing in Wednesday’s on-chain data points anywhere different.
Metaplanet bought its roughly 43,000 BTC at an average of about $96,000, so with bitcoin near $63,600 the company is sitting on an unrealized loss of about $1.4 billion, down 34%.
Metaplanet has been one of the most aggressive corporate buyers since April 2024, with a stated target of 210,000 BTC.
