Japanese investment firm Metaplanet transferred 2,400 bitcoin worth about $186 million to Coinbase Prime on Aug. 31, local time.

Blockchain outlet Cryptopolitan reported the transfer was the third large move in the past week and drew market attention because it was made while bitcoin was trading below the company's average purchase price.

Arkham data showed the transfer was carried out in 6 tranches over 3 hours. The transfers ranged from 103 bitcoin to 800 bitcoin, and the 800-bitcoin tranche moved about 30 minutes earlier than the rest. The 800 bitcoin was worth about $62 million at the time.

Metaplanet previously moved 1,000 bitcoin to Coinbase Prime on Aug. 25, worth about $79.77 million. It then transferred an additional 1,350 bitcoin on Aug. 28, worth about $108 million. Over a period of less than 7 days, the identifiable transferred amount totals at least 4,750 bitcoin, worth about $374 million. Some of that may overlap with Lookonchain's statement on Aug. 29 that 3,000 bitcoin, worth about $237 million, entered Coinbase Prime over 24 hours.

The market is watching whether the repeated transfers signal potential selling. Coinbase Prime provides regulated custody services and also supports over-the-counter trading and collateral services. Bitcoin trading around $78,000 last week, below Metaplanet's average purchase price of $96,191, also supported the view, because selling at current prices would lock in losses.

Metaplanet management denied talk of selling. Chief Executive Simon Gerovich (사이먼 게로비치) said the transfer was a move for simple custody management and did not indicate an intent to liquidate. He also said that claims of a 3,881-bitcoin move around Aug. 13 were incorrect and that the company actually moved 5,014 bitcoin, adding that its holdings remain 43,000 bitcoin.

The company-disclosed holdings remain 43,000 bitcoin. No reduction in holdings linked to the recent Coinbase Prime transfers has been confirmed, and a repositioning of 4,986 bitcoin in March did not lead to selling.

Metaplanet also announced a plan to provide 2,100 bitcoin and $2.5 million in cash to Superplanet, a U.S. bitcoin treasury platform it is pursuing with Super League Enterprise. The amount is about 4.9 percent of its current holdings. The plan requires Nasdaq-related filings, U.S. and Japan regulatory approvals, and a Super League shareholder vote scheduled for the fourth quarter of 2026.

Metaplanet is the world's third-largest corporate bitcoin holder among listed companies, based on Bitcoin Treasuries tallies. It ranks behind Strategy with 840,447 and Twenty One Capital with 43,514. In that context, the market is expected to focus on whether the recent large transfers lead to actual sales or remain a custody repositioning as the company has said.