Metaplanet Moves 3,000 Bitcoin to Coinbase Prime, Sparking Sale Speculation

Metaplanet, a Bitcoin mining company, moved Bitcoin worth about $237 million to Coinbase Prime, prompting market speculation over a potential sale.

Lookonchain, an on-chain data analytics platform, said on August 30 that Metaplanet deposited a total of 3,000 BTC into Coinbase Prime over the previous 24 hours. The transfer was worth about $237 million at the time.

Coinbase Prime provides trading, custody and other services for institutional investors. The large transfer has drawn attention to whether the Bitcoin will be sold on the market.

Still, the transfer alone does not confirm that Metaplanet has decided to sell its Bitcoin. Assets can be moved to Coinbase Prime for various purposes, including custody and asset management, and there has been no confirmation so far of an actual sale by Metaplanet.