Metaplanet Transfers 3,881 BTC Worth $247 Million Amid Treasury Losses

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Metaplanet moved 3,881 BTC, worth roughly $247 million, across five transactions over about three hours on Wednesday, according to on-chain data from Arkham’s tracker for the company. The Tokyo-listed Bitcoin treasury company, and this is not the first time it has left a large transfer.

Metaplanet Moves $247 Million in Bitcoin

The batch split into two groups. Two transfers, of about 1,274 BTC and 1,134 BTC, went out within the hour before the data was captured. Three more, of roughly 1,183 BTC, 269 BTC and 21 BTC, had moved about three hours before that.

Combined, the five transactions imply an average value near $63,700 per BTC, in line with where Bitcoin was trading this week.

The Treasury Hasn’t Grown Since July

Metaplanet’s total Bitcoin holdings have stood at 43,000 BTC since July 2, when the company last disclosed a purchase. Wednesday’s transactions moved coins already on the balance sheet; new Bitcoin was bought. The Metaplanet digital credit strategy is also part of the company’s broader push to build around Bitcoin and digital assets.

On-chain data reviewed for this transfer puts Metaplanet’s average acquisition price across those 43,000 BTC at $96,191. Bitcoin traded around $64,190 on Tuesday, down about 46% from a year earlier. That gap leaves the position underwater by close to $1.4 billion, or about 34%.

The Same Thing Happened in March

Metaplanet moved Bitcoin without explanation once before this year. On March 17, it shifted 4,986 BTC, worth about $368 million, out of wallets that had sat untouched for roughly three months. The company’s Tokyo-listed shares fell about 12% that day. Metaplanet never confirmed a reason for that move either.

Metaplanet’s Bitcoin Strategy Faces Growing Pressure

Wednesday’s transfer lands during a broader stretch of losses for companies that hold Bitcoin on their balance sheets. Strategy, the largest corporate holder, has swung to what markets-analysis account. The Kobeissi Letter called the biggest unrealized loss in the sector’s history, estimated at between $10.8 billion and $14.5 billion over the past year. Sector-wide paper losses across Bitcoin treasury companies have been estimated at roughly $62 billion this year.

Metaplanet has already booked some of that damage. The company reported a net loss of about $725 million, or roughly ¥114.5 billion, for its fiscal first quarter, driven mainly by non-cash markdowns on its Bitcoin holdings rather than any sale.

Metaplanet operated budget hotels under the Red Planet Japan name before pivoting to a Bitcoin accumulation strategy modeled on Strategy’s; it now ranks among the largest corporate holders of the asset. The company’s Metaplanet Siiibo Securities acquisition also expands its focus into Bitcoin-linked financial products.

The transfer leaves the reason for the wallet movements unclear, with future disclosures or subsequent transactions likely to provide more context. A future disclosure, a quarterly filing, or a subsequent move to a known exchange address would each say something different: routine custody, financial pressure, or an outright sale. For now, the coins have simply changed wallets, and Metaplanet.