Metaplanet Denies BTC Liquidation as Bitcoin Falls Below Company's Average Cost

Metaplanet, the Japanese company that owns Bitcoin on the Tokyo Stock Exchange, has denied the sale of its BTC. Metaplanet's CEO Simon Gerovich immediately debunked these rumors, revealing that the recent transfer of Bitcoin noticed through blockchain tracking platforms was just a “routine custody transfer” and not a liquidation. On Wednesday, data monitoring companies reported the flow of 5,014 BTC, equivalent to $320 million (roughly Rs. 3,053 crore), from accounts associated with the company, leading to the possibility that the company was planning to sell those coins.

Bitcoin Treasury Strategy Faces Pressure as BTC Price Falls Below Cost Basis

An internal transfer process has created a state of panic not due to the Metaplanet incident, but due to the general credit situation in the treasury industry. The firm owns 43,000 BTC that cost, on average, about $96,000 (roughly Rs. 91.5 lakh) each, whereas the current price of one bitcoin is $64,000 (roughly Rs. 61 lakh), which creates an unrealized loss of about $1.4 billion (roughly Rs. 13,357 crore), a loss of over 30 percent. The share price fell by 43 percent during the year and is traded at JPY 221, close to its all-time low.

In a statement on X, the Metaplanet CEO, Simon Gerovich, said, “We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours. This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC. All of our addresses are published, which is why the transfers were observable in real time.”

Metaplanet is the third-largest public trading Bitcoin treasury firm and the largest one in Asia. Based on data from Arkham. While Metaplanet has continued with its Bitcoin strategy beyond simple accumulation, the firm launched a new fund, Metaplanet Ventures, promising to put JPY 4 billion (roughly Rs. 236 crore) into Bitcoin and crypto infrastructure in Japan over a period of two to three years.

A target of accumulating 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027 has been set by the company. As per a statement made by Metaplanet on Thursday, the revenue for the first half was JPY 4.94 billion (roughly Rs. 291 crore), which was a 134 percent increase from the previous year, and operating profit was JPY 3.33 billion (roughly Rs. 196 crore), an increase of 136 percent, resulting in a net loss of JPY 182.8 billion (roughly Rs. 10,785 crore), mostly by a non-cas Bitcoin valuation loss.