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Metaplanet denies selling bitcoin worth $320 million
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- DeepHorus
Metaplanet CEO Simon Gerovich denied rumors that the Tokyo-listed company sold a large portion of its bitcoin holdings, confirming that a significant on-chain transfer was merely a routine custody operation. In a statement, Gerovich said the firm still holds 43,000 BTC, despite blockchain trackers flagging a movement of 5,014 BTC worth approximately $320 million. The clarification came after market speculation surged that the company was preparing to offload coins.
The denial follows a period of intense scrutiny on digital asset treasury firms, as investors closely monitor major corporate holders for any signs of trimming positions to lock in gains or manage balance sheet risk. Metaplanet, which has positioned itself as one of Asia's most prominent bitcoin treasuries, has been under the microscope since its aggressive accumulation strategy began. The company's stock has been highly correlated with bitcoin prices, making any perceived sell-off a potential trigger for volatility.
Blockchain tracking firms flagged the movement of 5,014 BTC on Wednesday, sparking immediate speculation that Metaplanet was preparing to sell. The transfer, valued at roughly $320 million based on the prevailing spot price, was seen as an unusually large wallet activity for the firm. Gerovich quickly responded, explaining that the transaction was a "routine custody transfer" between Metaplanet's own custodial addresses.
He further clarified that no bitcoin was sold and that the company's holdings remain unchanged at 43,000 BTC. The CEO emphasized that such transfers are standard practice for institutional custodians and do not reflect a change in investment strategy. This reassures investors that the firm's long-term bitcoin accumulation plan remains intact.
The impact of this denial is significant for shareholders and market watchers who had braced for a potential sell-off. The clarification helped stabilize sentiment, though some analysts remain cautious given the broader trend of corporate bitcoin holders adjusting positions. Notably, Strategy (formerly MicroStrategy) has been selling portions of its bitcoin to fund dividends on its preferred stock, repurchase shares, and replenish its dollar reserves, setting a precedent that makes markets sensitive to any large treasury move.
Industry reactions were mixed, with some praising Metaplanet's transparency and others noting that the incident highlights the fragility of confidence in corporate bitcoin holdings. A few analysts pointed out that routine custody transfers can be mistaken for liquidations, urging better communication from treasury firms to avoid unnecessary panic.
Looking ahead, Metaplanet is expected to continue its bitcoin-centric strategy, with no immediate plans to reduce its position. The company has previously signaled that it views bitcoin as a core reserve asset, and this episode is unlikely to change that stance.
This incident also underscores a broader market reality: as more companies adopt bitcoin as a treasury asset, the scrutiny of on-chain activity will intensify. Clear and proactive communication, as demonstrated by Metaplanet, will be essential to maintaining investor trust in the digital asset economy.
