Metaplanet put 2,400 bitcoin worth around $186 million into Coinbase Prime over three hours on August 31.

The Tokyo-listed company’s third large transfer to the exchange in a week comes as bitcoin trades well below its average purchase price, a detail that has put unusual attention on whether the movement reflects custody housekeeping or something more consequential for one of the largest corporate bitcoin holders.

Six deposits from 103 BTC to 800 BTC in three hours

Arkham data showed Metaplanet’s August 31 transfer was split into six deposits ranging from 103 BTC to 800 BTC.

The single 800 BTC transfer, valued at about $62 million, was sent roughly half an hour before the others, which followed in rapid succession.

Earlier in the week, Metaplanet sent 1,000 BTC to Coinbase Prime on August 25, worth about $79.77 million at the time, and another 1,350 BTC on August 28, worth roughly $108 million.

In total, Metaplanet has sent at least 4,750 BTC, worth about $374 million, to Coinbase Prime in under seven days.

It is unclear how much overlap exists with the 3,000 BTC transfer previously reported by Lookonchain, so the total includes only distinguishable transfers. On August 29, Lookonchain said 3,000 BTC, worth around $237 million, had reached Coinbase Prime in a 24-hour period.

Metaplanet still reports 43,000 BTC on its balance sheet, valued at about $3.36 billion at an average purchase price of roughly $96,191 per coin.

None of the recent deposits have been linked to any confirmed reduction in that holding.

Coinbase Prime provides regulated crypto custody, over-the-counter trading, and collateral services, which makes it a plausible destination for large internal movements even when no sale is disclosed.

Superplanet would take 4.9% of the holdings and $2.5 million in cash

Bitcoin was trading near $78,000 last week, leaving Metaplanet’s coins below their $96,191 average cost.

That gap makes any sale expensive, since selling at current levels would lock in a loss.

CEO Simon Gerovich has directly rejected speculation that the transfers signal a sale, saying they were custodial and showed no “intention to liquidate.”

Gerovich said the company had actually moved 5,014 BTC when trackers flagged a 3,881 BTC transfer around August 13.

“This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC,” Gerovich wrote on X, according to Cryptopolitan.

A similar 4,986 BTC reshuffle in March also ended without a sale.

Metaplanet has offered to give Superplanet 2,100 BTC plus $2.5 million in cash, or about 4.9% of its current holdings.

Superplanet is a Nasdaq-listed US bitcoin treasury platform that Metaplanet is building with Super League Enterprises.

The plan depends on Nasdaq filings, regulatory approval in the US and Japan, and a Super League shareholder vote expected in the fourth quarter of 2026.

Metaplanet is the world’s third-largest listed corporate holder of bitcoin, according to Bitcoin Treasuries. It trails Strategy, which holds 840,447 coins, and is just behind Twenty One Capital, which holds 43,514.