Metaplanet's bitcoin is worth less than it paid as another 2,400 coins reach Coinbase

Metaplanet put 2,400 bitcoin worth around $186 million into Coinbase Prime over three hours on August 31.

The firm’s third large transfer to the exchange in a week comes as bitcoin trades well below the average buy price for the Tokyo-listed company.

Six deposits from 103 BTC to 800 BTC in 3 hours

Arkham data showed Metaplanet’s transfer occurred on August 31 and was broken into six deposits from 103 BTC to 800 BTC.

The sole 800 BTC leg, valued at some $62 million, went out about half an hour before the rest, which then came down in quick succession.

A deposit of 1,000 BTC on August 25 was worth about $79.77 million at the time, while 1,350 BTC, worth about $108 million, went out on August 28.

Metaplanet has sent at least 4,750 BTC, worth ~$374 million, to Coinbase Prime in under seven days.

It’s unclear how much of the 3,000 BTC overlaps, so the total counts only the distinguishable transfers.

On August 29, Lookonchain tweeted that 3,000 BTC, worth around $237 million, had hit Coinbase Prime in a 24-hour period.

… Continue reading the full article at the original source below.