Metaplanet and Hut8 Pull $125M in Bitcoin Off Exchanges

On Aug. 12, on-chain records show Metaplanet and Hut8 removed a combined 1,966 bitcoin from exchange wallets within roughly three hours. Metaplanet transferred 1,473 BTC and Hut8 transferred 493 BTC. The combined value was about $125 million at current prices.

On-chain data indicate the coins left exchange custody and were sent to non-exchange addresses. Neither company has disclosed the transfers’ destination or purpose. Blockchain analysis cannot determine whether the withdrawals were moves to cold storage, custody changes, or part of financing activity.

Metaplanet, a Tokyo-listed company, executed the larger transfer. Its bitcoin treasury surpassed 43,000 BTC after purchases earlier in the summer, including a 2,823 BTC purchase in early July. The company’s cumulative acquisition cost for its holdings is reported at about $4.09 billion as of August 2026.

Metaplanet’s equity has not produced a sustained rally this year even as its on-chain bitcoin holdings increased.

Hut8, a bitcoin miner and digital infrastructure company, moved 493 BTC in the same window. Public records place Hut8’s treasury at about 13,696 BTC. The company holds bitcoin both as a treasury asset and as collateral for financing, so transfers can reflect operational needs as well as holdings management.

Earlier in 2026, Hut8 refinanced a roughly $200 million bitcoin-backed credit facility, reducing the interest rate and releasing about 3,300 BTC that had been pledged as collateral. In its second-quarter 2026 results the company reported it had no general recourse debt at the parent level after converting a note, part of a shift to project-level, non-dilutive financing for its data center expansion.

The withdrawals occurred as bitcoin traded just under $64,000, after stalling below roughly $65,200 earlier in the week.