- Metaplanet CEO Simon Gerovich denied claims that they’re planning to sell Bitcoin after their wallets moved 5,014 BTC.
- The company currently nurses $1.67 billion in paper losses from its BTC bet.
Strategy (MSTR) backtracked from Executive Chairman Michael Saylor’s earlier promise not to sell any of its Bitcoin (BTC) holdings. Now, members of the crypto community are on the edge of their seats as they await the next big digital asset treasury (DAT) company that will flinch amid the tension.
Metaplanet Inc., a publicly traded company on the Tokyo Stock Exchange (TSE), recently took the hot seat as it moved a significant portion of its Bitcoin holdings to another address. Some immediately raised the alarm about incoming selling pressure, considering that the entity is one of the largest corporate holders of the asset.
Metaplanet CEO Simon Gerovich Denies Bitcoin Sale
Simon Gerovich, CEO of Metaplanet, immediately took to X to allay speculations over their company potentially dumping their Bitcoin holdings as investors continuously brace themselves amid the persistently bearish market sentiment. He explained that their transfer of 5,014 BTC was just a “routine custody operation.”
That means the company’s digital asset portfolio remains at 43,000 BTC. Gerovich highlighted that they have published their addresses so the public can see their transfers in real time.
Additionally, the CEO revealed that it cost Metaplanet only $8 in network fees to move around $322 million worth of BTC, sparking a comparison with the estimated $700,000 to $1.3 million in fees that investors would incur when moving the same amount of gold between Japan and the US.
Metaplanet’s DAT Performance
To date, Metaplanet is the third-largest public company holding Bitcoin in its treasury per BitcoinTreasuriesNet data. It trails behind Twenty One Capital’s 43,514 BTC stash.
However, the Japanese firm remains far from Strategy’s 840,447 BTC haul, even after the Saylor-co-founded institution has sold another $108 million in BTC over the past week to raise its cash reserves and repurchase a significant chunk of its STRC preferred shares.
As of Thursday morning (UTC), Metaplanet has an unrealized loss of roughly $1.67 billion on its Bitcoin holdings while the premier crypto asset traded at approximately $63,700 per coin on Coinbase. The blowback has driven the company’s BTC Net Asset Value (NAV) to $2.74 billion.
Meanwhile, the paper losses have pulled Metaplanet’s enterprise value against its BTC NAV to 0.87x. It indicates that the market prices its overall equity at a discount relative to the underlying digital assets on its balance sheet.
