Metaplanet denies selling bitcoin worth $320 million

Tokyo-listed bitcoin BTC$63,829.51 holder Metaplanet isn’t dumping its bitcoin BTC$63,829.51 bags.

Company CEO Simon Gerovich moved quickly to dismiss reports of a massive sale, clarifying that Wednesday’s large BTC transfer, flagged by blockchain trackers, was merely a “routine custody transfer” and not a liquidation.

“We transferred 5,014 BTC between Metaplanet custodial addresses over the past 24 hours. This was a routine custody operation. No bitcoin was sold, and our holdings remain 43,000 BTC,” Gerovich said.

On Wednesday, data tracking firms flagged the movement of 5,014 BTC, worth $320 million at the going spot price, from wallets linked to the firm. That sparked a speculation that the firm was preparing to sell those coins.

These so-called digital asset treasury firms, led by industry giant Strategy, has come under the microscope recently as investors watch for any sign of these major corporate holders trimming their positions to lock in gains or manage balance sheet risk.

Strategy has been selling portions of its BTC holdings to fund dividends on its preferred stock, repurchase STRC preferred shares and replenish its U.S. dollar reserve.