Japanese firm Metaplanet has moved 800 Bitcoin worth approximately $62.19 million from its own custody to Coinbase Prime, according to Onchain Lens data. Such transfers typically create investor speculation about potential selling activity, though they do not confirm actual sales have occurred. The transfer could be for institutional custody, liquidity management, or over-the-counter transactions rather than indicating an immediate sell-off.
While a $62 million potential sell order is large enough to attract attention, it remains relatively small compared to Bitcoin's overall trading volume. As reported by AMBCrypto, the value of Bitcoin held by treasury companies crossed $100 billion for the first time since early June, with combined holdings reaching $109 billion on August 28th. Such transfers are understandable given Bitcoin's concerning price action in H1 2026, though recent recovery has changed market dynamics in H2 2026.
According to the latest data, Metaplanet's Bitcoin stack has reached 43,000 BTC worth $3.35 billion. In 2026, Japan's MicroStrategy has not sold any Bitcoin and has made 54 purchases since April 23rd, 2024, while Michael Saylor's Strategy has sold 6,916 BTC so far in 2026. This positions Metaplanet as the third largest Bitcoin DAT, indicating it is not blindly following other companies' strategies.
Despite growing Bitcoin reserves, Metaplanet's stock was trading at ¥316.00 after an 8.67% drop in the past trading day. More concerning is the firm's year-to-date drop of over 32%, which suggests investors are becoming increasingly cautious about the company despite its expanding Bitcoin treasury value. The disconnect between Bitcoin accumulation and stock performance might raise eyebrows as shareholders appear to be prioritizing dilution, financing, Bitcoin price risk, and strategy sustainability over treasury growth.
