Just-In: Metaplanet Moves Another 2400 BTC to Coinbase Crypto Exchange
Highlights
- Metaplanet transfers 2,400 BTC worth $186 million into Coinbase, sparking selloff concerns.
- The selloff speculation comes amid Wintermute dumped $400 million in BTC to Binance.
- Metaplanet stock price closed 9.83% lower at 312 JPY on Monday.
The third-largest Bitcoin treasury firm Metaplanet moved another set of BTC to Coinbase, causing stock to plunge almost 10% on Monday. Recent transfers amid falling Bitcoin prices have raised concerns among crypto market investors as crypto market maker Wintermute remained short on multiple crypto assets.
Metaplanet Transfers 2400 BTC to Coinbase Prime
According to Lookonchain data, Metaplanet deposited 2,400 BTC into Coinbase Prime on August 31. This latest transfer was valued at nearly $186 million.
The Bitcoin transfers to Coinbase sparked selloff concerns among investors. However, the firm denied that the previous transfers were for selling. The wallets are associated with Coinbase’s institutional platform rather than a retail exchange order book.
Last week, Metaplanet transferred Bitcoin worth approximately $108 million to Coinbase Prime as Bitcoin price reclaimed $80,000. Recent reports that Strategy and Metaplanet’s delisting from the MSCI Index also triggered jitters in the crypto market community.
Metaplanet held 43,000 BTC worth $3.36 billion, which were acquired for $4.41 billion. This indicates the Bitcoin treasury is still sitting at nearly $1.05 billion in unrealized losses.
The selloff speculation comes as Wintermute moved $400 million in BTC to Binance crypto exchange today. Wintermute has transferred 5.10K BTC worth almost $399 million to Binance over the past two days. The crypto market maker also remained short on ETH, SOL, XRP, HYPE and DOGE.
Stock Falls Almost 10% amid Rising Uncertainty
Metaplanet stock price closed 9.83% lower at 312 JPY. The 24-hour low and high were 309 and 324 JPY, respectively. Trading volume was 38.78 million, significantly above the average of nearly 25 million.
According to Google Finance, Metaplanet stock price is now down almost 10% after rising 58% in the last few weeks. The year-to-date (YTD) return is down 33% at the time of writing.
Meanwhile, Iran’s retaliation to US strikes on Larak Island has raised uncertainty among investors. However, BTC futures open interest is driving upside momentum.
Bitcoin is trading around $78K today, despite selling by retail investors. The price has dropped more than 3% from recent $81K highs, but analysts expect a rebound in the coming days.
To monitor large corporate wallet addresses and verify public treasury transactions in real time, market participants rely on the best crypto research tools.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
