Metaplanet and Hut8 withdrew a total of 1,966 bitcoins, valued at about US$ 125 million, from exchanges this Wednesday (12), according to data from the onchain monitoring platform Lookonchain.
Metaplanet transferred 1,473 BTC, equivalent to US$ 93.82 million. About two hours later, Hut8 moved 493 BTC, worth US$ 31.36 million. Neither company publicly explained the transfers.
When large holders withdraw bitcoins from exchanges, the move is usually seen as a positive supply signal. However, onchain data does not allow distinguishing between a shift to self-custody, a change of custodian, or a financing operation.
Company Reserves
Listed in Tokyo, Metaplanet has become one of the largest corporate holders of bitcoin outside the United States. In July, it bought 2,823 BTC for US$ 225 million, at an average price of US$ 78,872 per bitcoin, raising its reserves to 43,000 BTC. In the 1st quarter of 2026, the company had already added 5,075 BTC to its treasury.
Hut8, a mining and digital infrastructure company, uses bitcoin both as a treasury asset and as collateral in financing. Trackers indicate that the company holds about 10,278 BTC. In 2026, the miner refinanced a US$ 200 million bitcoin-backed credit line with FalconX, reducing the interest rate from 9% to 7% and releasing approximately 3,300 BTC that were held as collateral.
The withdrawals come at a time of pressure on bitcoin's price, which was trading below US$ 64,000 after stalling below the US$ 65,200 level touched earlier this week.
