Metaplanet Moves 4,176 BTC From Public Wallets, Fueling Liquidation Speculation Amid 43K Holdings

Metaplanet (Nasdaq: MTPLF) triggered market alarm on Wednesday by moving 4,176 BTC from its identified public wallets in a matter of hours, sparking speculation that the firm may be preparing to liquidate a portion of its treasury. The transfer leaves the company with 36,000 BTC remaining from its previous total of 43,000 coins, marking the first significant wallet activity after months of static holdings and raising questions about its long-term accumulation strategy.

The company still holds the third-largest treasury among all DAT companies, and has not reported any official sales. The BTC transfers may be an internal move, but the current market sentiment means all treasuries are closely watched for liquidations. 

As Cryptopolitan reported, MARA Digital Holdings sold a total of 23,093 BTC in the first half of 2026, after breaking its strict holding period and announcing it would liquidate its BTC. 

Strategy has also sold BTC to boost its cash reserves, despite previous promises to never sell. Instead, Strategy shifted to dynamic treasury management, selling some of its BTC below its average purchase price.

Hut8 also shifted 493 BTC from its treasury, without explaining whether it was an internal move or preparation to sell.

As of August 12, BTC traded around $63,792.22, with a fearful sentiment and weak spot demand. 

Will Metaplanet sell BTC?

Metaplanet kept acquiring more BTC as late as July, adding 2,833 BTC in its latest purchase. As with other treasury companies, Metaplanet’s fundraising has slowed down. 

MTPLF shares are down over 43% for 2026 to date, showing mainstream investors are not returning to the sentiment of 2025. MTPLF traded near all-time lows of 221 Japanese yen, or around $1.40. The stock has been moving sideways or sliding slowly for the past months. 

Metaplanet has an average purchase price of $96,191 per BTC, meaning any sale would be at a loss of over 34%. In 2026, Metaplanet had around $280M in cash reserves, with around $403M in liabilities. 

To date, Metaplanet has written off its losses, still showing hopefulness for the long-term performance of BTC. For now, the coin move is not considered a capitulation, but instead an internal shift in storage. Holding spot BTC remains a risk for treasury companies, due to potential quantum attacks or other wallet flaws. 

Metaplanet uses institutional-grade storage and multisig wallets, adding a layer of security to its treasury. 

Metaplanet targets Japanese household savings 

Metaplanet has slowed down its debt-fueled BTC purchases. However, the company is still seeking sources of liquidity to extend its treasury strategy. 

Simon Gerovich, the CEO of Metaplanet, suggested Japanese households may need to seek investments against inflation. Metaplanet aims to build financial services for retail investors, wrote Gerovich on X, without explicitly mentioning BTC. 

Metaplanet’s latest debt raise was in April 2026, completing the 20th series of ordinary bonds. The company raised $50M, mostly from EVO Fund, one of its major investors. The company also raised $137M in overseas funding through common stock and warrants in early 2026. Recently, Metaplanet has not announced any new rounds of funding or new sources of liquidity.

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