Metaplanet moved 3,881 BTC worth $247.3 million as its 43,000 BTC treasury sits roughly $1.4 billion underwater, according to on-chain analysis confirmed August 12.
The Japanese microcap holds BTC at an average cost basis of $95,209 per coin against the current spot price near $63,600. The transfer was detected by blockchain tracking firm Lookonchain.
Metaplanet has been among the most aggressive corporate Bitcoin accumulators of the past two years. The company purchased 2,823 BTC in early 2024 for roughly $225 million and has layered in additional positions to reach its current holdings, now valued at approximately $2.74 billion at current market rates. The company's 43,000 BTC stake makes it one of the largest holders among publicly traded firms, though its cost basis significantly exceeds recent market valuations.
The timing of the transfer comes amid Bitcoin's slide from its March 2024 peak above $73,000. Since acquiring its initial tranche at higher prices, Metaplanet has held through two major market cycles, including a rally to $73,750 in late spring and the subsequent decline that eroded mark-to-market gains across corporate treasuries.
At the company's June cost basis, Metaplanet's 43,000 BTC position would be worth $4.09 billion. At today's spot price, that same stack is worth $2.74 billion, creating the $1.4 billion underwater spread. The company has not disclosed the destination or intended use of the transferred BTC.
Corporate Bitcoin holders have faced diverging pressure in recent months. MicroStrategy and similar firms have continued buying throughout the downturn, while others have slowed accumulation. Metaplanet's transfer does not constitute a sale or reduction in total holdings, and the company's stated policy remains to hold Bitcoin as treasury reserve.
