Metaplanet Sends $188M More Bitcoin to Coinbase in 3 Hours
Key Takeaways
- Metaplanet sent 2,400 BTC, worth about $186 million, to Coinbase Prime in three hours on August 31.
- The move brings Metaplanet’s confirmed Coinbase Prime transfers to at least 4,750 BTC since August 25.
- CEO Simon Gerovich has said of the previous transfers that they were custodial and did not signal any “intention to liquidate.”
Six Transactions, Three Hours, $186 Million
Metaplanet moved again, and this time onchain trackers caught nearly every step. Trackers flagged the Tokyo-listed bitcoin treasury firm depositing 2,400 BTC, worth roughly $186 million, into Coinbase Prime within a three-hour window on the morning of August 31, according to Arkham data tied to Metaplanet’s tracked entity.
The move broke down into six separate deposits ranging from 103 BTC to 800 BTC apiece, the largest a single 800 BTC transfer worth about $62 million roughly half an hour before the rest followed in quick succession.
A Pattern, Not a One-off
This is not Metaplanet’s first or even second trip to Coinbase Prime in the last seven days. Bitcoin.com News reported on August 25 that the company had moved 1,000 BTC, worth about $79.77 million at the time, into Coinbase Prime custody. Three days later, on August 28, it sent another 1,350 BTC, worth roughly $108 million.
Lookonchain also flagged a separate cluster of transfers around August 29 that pushed a rolling 24-hour total to roughly 3,000 BTC, worth about $237 million, though it is unclear how much of that window overlaps with the transfers already reported. Counting only the three cleanly distinct transfers, Metaplanet has moved at least 4,750 BTC, worth roughly $374 million, into Coinbase Prime custody in under a week.
Metaplanet’s official bitcoin holdings have not budged through any of it. The company still reports 43,000 BTC on its balance sheet, now worth about $3.48 billion, with an average acquisition cost of roughly $96,191 per coin. Chief executive Simon Gerovich addressed the speculation earlier this month, saying the ongoing slew of transfers has been custodial in nature and does not signal “any intention to liquidate.”
Coinbase Prime offers regulated custody, over-the-counter execution, and collateral services alongside ordinary exchange access, and none of Metaplanet’s recent deposits have been paired with any confirmed reduction in its reported holdings.
The Bigger Picture: Superplanet and Bitcoin’s Price
The transfers land alongside a bigger structural move given that Metaplanet has proposed contributing 2,100 BTC and $2.5 million in cash, about 4.9% of its current holdings, to a new venture called Superplanet, a U.S.-based, Nasdaq-listed bitcoin treasury platform built with Super League Enterprises.
That deal still needs a Super League shareholder vote targeted for the fourth quarter of 2026, along with Nasdaq filings and regulatory sign-off in both the United States and Japan, which gives Metaplanet every reason to keep its bitcoin liquid and centrally custodied in the meantime rather than sitting across a dozen cold-storage wallets.
The timing also lines up awkwardly with bitcoin’s price, which has been sitting near $78,000 all of last week, well below Metaplanet’s own average cost of about $96,191 per coin. That gap does not make a near-term sale impossible, but it does make it more expensive.
