Metaplanet moves 4,800 BTC worth $377M to Coinbase

Metaplanet, the fourth-largest corporate Bitcoin treasury, moved 4,800 BTC worth nearly $377 million to Coinbase today, triggering speculation about the company selling its holdings.According to Arkham Intelligence data, Metaplanet transferred 4,800 BTC to Coinbase Prime today, following the company’s transfer of 2,000 BTC worth $155.5 million two days ago, another series of transfers three days ago totaling 3,331 BTC worth nearly $266 million and lastly a transfer from six days ago moving 139 BTC worth $11.1 million. In total, those deposits amounted to 10,270 BTC worth approximately $806.3 million this week alone.Blockchain data-specialized X profile Onchain Lens shared the data suggesting that Metaplanet moved the Bitcoin “likely to sell.” Another market observers claimed that the company may be using the exchange as a custodian instead. Cointelegraph found no conclusive evidence of the company intending to sell the Bitcoin or not.Source: Onchain LensMetaplanet is the fourth-largest corporate Bitcoin (BTC) holder with 35,102 BTC worth $2.75 billion in its coffers. If confirmed to be a sale, the transfers would reduce the company’s holdings by over 29%.The report follows news that French Bitcoin treasury company Capital B appears to be moving in the opposite direction as it announced that it successfully raised €21.0 million ($24.5 million) through a private share placement to acquire 270 BTC. Still, Metaplanet is following the broader industry trend, with smaller treasury companies recently selling their holdings.