METAPLANET HAS MOVED $374 MILLION IN BITCOIN TO COINBASE IN SIX DAYS — THE CEO SAYS IT ISN’T SELLING — THE COMPANY IS $782 MILLION UNDERWATER ON THE STACK

Metaplanet has moved at least 4,750 bitcoin to Coinbase Prime in six days. The latest tranche went out this morning: 2,400 coins, about $186 million, broken into six deposits between 103 and 800 BTC inside three hours. CEO Simon Gerovich says these are custodial moves and don’t indicate “any intention to liquidate.” Take him at his word and the arithmetic still doesn’t soften. Metaplanet holds 43,000 bitcoin at an average cost of $96,191. Bitcoin is near $78,000. That is $18,191 a coin, roughly $782 million underwater on the whole position. An exchange deposit is not a sale. That part is true, and anyone reading these flows as a confirmed intent to sell is guessing. But it is also the step that comes before one, and it is what a custody migration looks like, and from the outside you cannot tell which. What you can tell is the pressure: a company this far below cost, moving 11% of its stack onto an exchange in under a week, while asking shareholders in Q4 to hand 2,100 coins to a new venture called Superplanet. Read the balance sheet, not the reassurance. Either way, the coins are on someone else’s books now.