The third-largest Bitcoin treasury firm Metaplanet transferred 3,881 BTC in total over the last few hours on Wednesday. The TYO-listed Metaplanet stock dropped more than 5% today amid speculation of joining other Bitcoin treasuries selling holdings.
Metaplanet Transfers 3,881 Bitcoin in Just a Few Hours
Asia’s Strategy, Metaplanet, transferred 3,881 BTC, valued at almost $247 million, over the past three hours, on-chain expert Lookonchain reported on August 12.
The Bitcoin treasury firm moved BTC in five transactions. However, there is no confirmation that Bitcoin was sold. After the latest transfers, the primary wallet held 36,296.36 BTC worth $2.30 billion.
The move likely comes as the company sits on a significant unrealized loss. Metaplanet holds 43,000 BTC acquired for $4.410 billion. At current prices near $63,800, the position carries an unrealized loss of nearly $1.6 billion or a 38% drawdown.
The latest transfers occur amid BTC price remaining under selling pressure and Bitcoin treasury firms dumping holdings. Notably, Michael Saylor’s Strategy has sold 6,948 BTC worth almost $432.5 million. As CoinGape reported recently, Michael Saylor’s Strategy sold another 1690 BTC to buy back STRC shares.
Stock Falls More than 5%
Metaplanet stock price fell 5.15% to close at 221 JPY. The 24-hour low and high were 216 and 226 JPY, respectively. Trading volume was 18.86 million, significantly below the average of 24 million.
