This marks the first significant activity in a long-dormant wallet of Metaplanet in nearly three months. On-chain analysts noted that the transfer involved multiple test transactions before the large sum was moved, indicating that this may be an internal reorganization rather than a sale on the open market.
This action is part of Metaplanet's strategy to continue funding its Bitcoin accumulation through capital markets. The Japanese Bitcoin treasury company raised $255 million from global institutional investors through a new round of share issuance on March 16. The deal also includes warrants that could unlock an additional $276 million, bringing the total potential capital to $531 million.
Meanwhile, in the past 30 days, publicly traded Bitcoin treasury companies have increased their Bitcoin holdings by approximately 3.6%. Their total holdings now amount to about 1.178 million BTC, valued at over $87 billion.
This growth is largely attributed to companies like Strategy purchasing more Bitcoin during price declines. These firms are becoming significant buyers in the Bitcoin market, aiming for long-term holding rather than short-term trading.
Metaplanet's Stock Price Drops Due to Bitcoin Transfer
However, following the Bitcoin transfer and overall market dynamics, Metaplanet's stock (Tokyo Stock Exchange code: 3350) experienced a notable decline. On Tuesday, the stock price fell over 12%, closing at 344 yen, with fluctuations during trading between 342 yen and 390 yen. The trading volume reached approximately 63 million shares, more than double the recent average.
Market observers attribute part of the stock price drop to profit-taking pressure amid a decline in Bitcoin prices and investor caution regarding macroeconomic events. Some analysts also pointed out that large financial transfers could trigger uncertainty among investors, even if these transfers are necessary for internal management.
Currently, the company has not publicly stated that this BTC transfer represents a sale or an impending sale on the exchange, with reports indicating that the transfer is part of the company's internal balance sheet adjustments.