Metaplanet Moves $250M in Bitcoin as Paper Loss Swells to $1.4B

The timing raised some concerns within the community as the number of treasury companies selling BTC has been gradually increasing lately.

The world’s third-largest public holder of Bitcoin made a substantial transfer hours ago, which raised some questions given the peculiar timing.

Metaplanet, which adopted its BTC strategy a few years ago and was described as Japan’s Strategy, has moved 3,881 units (worth around $250 million), according to data from Arkham and Lookonchain.

The company currently holds 43,000 BTC after its latest purchase, which was announced in early July, of 2,823 units for $222 million. Its goal of holding 100,000 BTC by the end of 2026 appears unreachable at the moment, given its current portfolio and a substantial reduction in the frequency of its purchases.

Its average acquisition price remains just over $96,000, meaning it has spent over $4.1 billion to accumulate its BTC fortune. However, the asset’s significant correction over the past several months has put Metaplanet’s position well in the red, with a paper loss of $1.4 billion.

Metaplanet (@Metaplanet) transferred a total of 3,881 $BTC ($247.3M) over the past 3 hours.
Metaplanet bought a total of 43,000 $BTC at an average price of $96,191 and is currently sitting on a loss of $1.4B(-34%).https://t.co/HGljOETBsX pic.twitter.com/L0JeP8wHxv
— Lookonchain (@lookonchain) August 12, 2026

The timing of the transfer is interesting. There’s no confirmation that the company intends to sell, but it wouldn’t be a surprise since many other BTC treasury companies have done so, including the leader, Strategy.

The largest corporate holder of the cryptocurrency has completed several sales this year, and the trend was mimicked by miners and other firms that hold Bitcoin on their balance sheets. Metaplanet has refrained from doing so for now, but such transfers raise some questions.