Metaplane transfers $108 million in Bitcoin to Coinbase Prime

Metaplanet transferred 1350 bitcoins, worth approximately US$108 million, to Coinbase Prime

At a time when bitcoin prices are difficult to steadily exceed the US$80,000 mark, Metaplanet has transferred 1350 bitcoins (worth approximately US$108 million) to Coinbase Prime.

Summary

Metaplanet transferred approximately $108 million of 1350 bitcoins to Coinbase Prime. The transfer occurred after a transfer of 1000 bitcoins completed on August 25. Deposits of assets with Coinbase Prime can be used for trading, custody or collateral activities and does not represent a confirmation of a sale. Metaplanet officially reports holding 43000 bitcoins, while its tracking wallet contains approximately 38650 bitcoins.

Metaplanet transfers 1350 bitcoins to Coinbase Prime again.

On-chain analyst firm Lookonchain reported on August 28 that Metaplanet transferred 1350 bitcoins (worth approximately US$108 million) to Coinbase Prime. The analysis account identified the sending address as belonging to the Tokyo-listed Bitcoin reserve company.

The transfer of assets to Coinbase Prime means the assets could be used for institutional trading services, prompting some market participants to speculate whether Metaplanet will sell some of its positions. However, the deal alone does not prove that the sale has occurred, as Coinbase Prime also provides custody, financing and mortgage services.

At the time of report, Metaplanet had not announced a sale or reduction of its official Bitcoin holdings. Confirming the sale requires company disclosure or further on-chain evidence that the tokens have been sold rather than being deposited in accounts controlled by the company.

Previous large transfers of Metaplanet did not lead to a sale

Previously, large transfers of wallets related to Metaplanet have also occurred and attracted similar concerns, but the company has said some transactions involved custody changes rather than sales.

On August 12, Lookonchain initially detected 3881 bitcoins transferred from wallets associated with the company. CEO Simon Gerovich later stated that Metaplanet transferred 5014 bitcoins between escrow addresses and did not sell any tokens. This clarification shows that there are limitations in drawing conclusions based on target address tags alone. Blockchain records can confirm that Bitcoin was transferred from one address to another, but do not always reveal the legitimate owner of the target account or the reason for the transaction.

Reports on early wallet transfers also pointed out that after the custody reorganization, the company's reported reserves remained at 43000 bitcoins, unchanged. Metaplane purchased these positions at the disclosed average cost of approximately 15.3 million yen each, while Lookonchain converted it to an average cost of approximately US$96191.

Based on an average cost of $96191, the company's 43000 Bitcoin positions correspond to approximately $4.14 billion in investments. When bitcoin is trading close to $79133, the same amount is worth about $3.4 billion, although the yen-dollar exchange rate and accounting methods will affect comparisons with Metaplanet's official data.

Arkham's address tag shows that there are approximately 38650 bitcoins in the wallet belonging to the company, worth nearly $3.07 billion. Differences between the balances tracked by Arkham and the holdings reported by Metaplanet do not represent a sale because the analytics platform may not be able to identify all escrow accounts or addresses controlled by the company.

Metaplanet reported still holding 43000 bitcoins

Metaplanet's holdings reached 43000 bitcoins after buying 2823 bitcoins at an average price of 12.7 million yen per bitcoin in the second quarter. According to the company's disclosure on July 2, its overall purchase cost was 15.3 million yen per Bitcoin. The purchase of 2823 bitcoins increased reserves from 40177 bitcoins at the end of the first quarter. Management has set a target of holding 210,000 bitcoins by the end of 2027, equivalent to 1% of the fixed supply of 21 million bitcoins.

Financial results released on August 13 showed that Metaplanet achieved revenue of 4.94 billion yen in the six months ended June 30, a year-on-year increase of 133.7%. Operating profit increased 136.3% to 3.33 billion yen (approximately US$20.3 million). However, Metaplanet had a net loss of 182.77 billion yen in the first half. Its filing attributed most of the losses to a 184.3 billion yen decrease in the reported value of its Bitcoin holdings (non-cash items), while the company said it did not sell Bitcoin during this period.

Revenue from the Bitcoin revenue segment reached 4.74 billion yen, of which approximately 4.58 billion yen came from option premiums. The company uses options as part of its reserve operations, separating this revenue business from gains and losses arising from changes in Bitcoin's market price.

The U.S. Reserve Program provides another use for Metaplane's Bitcoin

Some of Metaplane's reserves have been committed to a proposed transaction involving Nasdaq-listed Super League Enterprise, linking the company directly to U.S. capital markets. Under the agreement announced on August 18, Metaplanet will contribute 2100 bitcoins and $2.5 million in cash to Super League. The two companies valued the initial investment at approximately $134.6 million based on Bitcoin's Coinbase closing price at 4 p.m. New York time on August 14.

The proposed U.S. Reserve deal would rename Super League to Superplanet and change its Nasdaq ticker symbol to SUPA. Metaplanet is expected to receive 44.86 million shares of common shares, convertible preferred shares and warrants, giving it approximately 95.7% ownership. For U.S. investors, the structure would provide equity exposure to the Nasdaq listing, giving the company an expected hold of 2100 bitcoins when the transaction closes. Metaplanet will also appoint five of its nine initial directors, while the issuance of ordinary shares to the Japanese company will be subject to a five-year lock-in period.

The transaction still requires Super League shareholder approval, meeting Nasdaq requirements, and completing applicable U.S. and Japanese procedures. Both companies target completion in the fourth quarter of 2026, and neither has linked the latest Coinbase Prime transfer to the proposed contribution.

Bitcoin hangs around $80,000, Strategy is accumulating cash

As of initial reports, Bitcoin was trading at approximately $79133, after falling back from a 24-hour high of $81281. This trend puts Bitcoin close to the US$80,000 area, and buyers are trying to turn recent breakthroughs into support.

After Strategy reported that there were no bitcoin purchases and sales between August 17 and August 23, corporate reserve activity remains a major concern. Its position remained at 840447 bitcoins, with a total purchase of US$63.36 billion at an average cost of US$75385 per bitcoin. Strategy raised approximately $2 billion this week by selling 18.26 million shares of MSTR stock, according to an Aug. 24 filing with the U.S. Securities and Exchange Commission. After using $136.4 million to buy back STRC preferred shares, the company deposited $300 million in its existing U.S. dollar reserves and approximately $1.59 billion in a separate cash account.

Strategy's consolidated cash position thus reached US$6.69 billion, including US$5.1 billion in U.S. dollar reserves. According to the SEC filing, the cash could be used to purchase bitcoin, pay dividends on preferred shares, repay debt or buy back corporate securities, but Strategy did not designate it as a single use and did not provide a deployment timetable.

In addition, MSCI is considering a methodological adjustment that could exclude non-operating business companies when digital assets account for at least half of the company's total assets. The deadline for feedback on the consultation is September 30, and MSCI expects to announce its decision by October 16, and any resulting removals may be included in the November 2026 index review.