Metaplanet invites fresh selling scrutiny after 1,350 BTC move to Coinbase Prime

Metaplanet moved BTC from its known wallets again, inviting scrutiny on the platform’s next step. At the same time, Metaplanet’s MTPLF stock is showing signs of recovery on renewed enthusiasm for its treasury. 

Metaplanet moved a total of 1,350 BTC in several transactions from its known wallets. The transfer once again raised the possibility of selling some of the 43,000 BTC in the treasury. Metaplanet sent the funds to Coinbase Prime Custody, which may also be an internal move for reorganizing and diversifying storage. 

Some of the coin transfers may be linked to Metaplanet’s US-based treasury, Superplanet, which is set to receive 2,100 BTC. 

As Cryptopolitan reported, Metaplanet last moved BTC as of August 12, but this did not result in a sale. In fact, since then, BTC started one of its most dramatic recoveries for the year, climbing back above $80,000. 

Metaplanet bought 7,898 BTC in the year to date, with 54 purchases since April 2024. Metaplanet bought more BTC during the latest dip to the $60,000 range, with a $97,593 average price achieved to date. 

Is Metaplanet expecting a recovery?

The recent BTC recovery and bounce from recent lows is starting to affect treasury company stocks. Metaplanet’s MTPLF is down by around 22% net for the year to date, but shows signs of a short-term recovery. 

The MTPLF short volume ratio increased significantly in August, up to 43% of off-market share trading. Most of the MTPLF shares shorted are positional covering from investment banks. However, some of the short positions may be hiding directional bets from large clients.

At this point, it is too early to say if short sellers have taken a large directional bet on MTPLF. Despite this, the shares are showing increased activity and potentially renewed hopes for retail investors. 

Recently, MTPLF closed above $2, with a strong ‘buy’ average rating. The stock has been watched for more indications of a short squeeze, potentially leading to a bigger rally. MTPLF shows treasury company stocks are relatively resilient, requiring even a small improvement in BTC sentiment to boost their playbook. 

Super League Enterprise, Inc., to be rebranded to Superplanet, also retained some of its recent gains. 

The company achieved a local peak of $5.50, later to retreat to $3.80, with a 37% net gain for the past month. The rapid rally of Super League Enterprise also showed investor enthusiasm for the latest attempts of Metaplanet to find funding and continue its treasury expansion.

BTC treasury companies are still holding

BTC treasury companies are now closely watched for viability and their value potential in case the crypto bull market returns. 

Strategy has halted its BTC sales and recently announced it has enough cash reserves to offset its debts. The market has reacted positively, as Strategy now holds one of every 25 BTC on the market. 

Metaplanet has not yet announced new purchasing plans, but the company may benefit from the overall improved sentiment around treasury companies. In the case of a bull market, both MSTR and MTPLF may achieve faster gains compared to BTC, amplifying the market direction. 

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