Metaplanet transferred 1,000 Bitcoin worth about $79.77 million to Coinbase Prime on August 25, according to blockchain analytics platform Lookonchain. Neither company had publicly confirmed that the transaction involved a sale when checked on Tuesday.
Lookonchain classified it as a deposit to Coinbase Prime. The platform offers trading, financing, and custody. A Prime deposit can occur before a sale. It can also support custody management, collateral arrangements, or account transfers.
Also Read: Bitcoin Price Hits $80,000 After 28% Surge as $100,000 Target Returns
Did Metaplanet Sell Bitcoin After the Coinbase Transfer?
The wallet label reflects Lookonchain’s analysis. It does not confirm that Coinbase received instructions to sell the Bitcoin.
Further evidence would be needed to establish a disposal. That could include a treasury update or transactions showing the assets were sold.
Metaplanet faced similar speculation after a transfer earlier this month. Chief executive Simon Gerovich addressed the activity on August 12.
Gerovich said the company shifted 5,014 BTC between custodial addresses. He stated that no Bitcoin had been sold during the movement.
As reported earlier, analysts had first observed 3,881 BTC leaving wallets linked to Metaplanet. The later explanation showed that an on-chain transfer does not mark a disposal.
The number of holdings by the firm was 43,000 BTC after the transfer. This amount contained 2,823 BTC acquired in the second quarter.
What Is Metaplanet’s 43,000 BTC Treasury Worth?
Metaplanet revealed the cost per each coin purchased to be on average 15.3 million yen. Lookonchain translated this figure into an approximate cost per coin of $96,191.
At this cost per coin, the estimated total cost incurred in purchasing coins would stand at about $4.14 billion. Lookonchain valued its market value at around $3.48 billion.
These two figures measure different aspects of the same holdings. The higher amount pertains to the purchase cost, while the lower one is for market valuation.
The recent transfer may not decrease the company’s reported holdings, as BTC holdings on Coinbase Prime still fall under beneficial ownership.
The move follows one week since Metaplanet signed an agreement with Nasdaq-listed Super League Enterprise. Under the proposed deal, the firm will invest 2,100 BTC and $2.5 million.
Why Will Super League Become Superplanet?
Super League would be transformed into the United States Bitcoin treasury platform called Superplanet following the closure of the deal. The two companies will be able to trade under the ticker SUPA on Nasdaq.
Metaplanet will receive 44.86 million common shares, preferred shares, and warrants. The company anticipates owning around 95.7% of the resulting firm.
According to the valuation of the initial investment, the total value was estimated at $134.6 million. The 2,100 BTC proposed as a contribution will stay inside the company’s group once the deal is completed.
Official records do not link Tuesday’s transfer of 1,000 BTC to the proposed Super League deal. None of the participating parties has associated the transferred coins as part of the planned contribution.
Also Read: PENGU Price Forms Double Bottom as Analyst Sees 700% Upside
