Mt. Gox transfers $739M in Bitcoin from cold wallets

Mt. Gox moved roughly 10,422 Bitcoin, about $739 million, out of cold storage early Tuesday, sending 10,306 BTC to an unmarked address and 116.3 BTC to a hot wallet.

Blockchain analytics firm Arkham Intelligence reported the larger transfer occurred at 04:47 UTC and is marked as “unspent,” meaning the coins remain in the new address. The 116.3 BTC sent to the hot wallet is marked “spent,” indicating those funds were forwarded to other addresses. Arkham identified the transfers as originating from Mt. Gox’s cold wallets.

Arkham’s data shows Mt. Gox still holds about 34,504 BTC, worth roughly $2.41 billion across its wallets. The exchange began repaying creditors in July 2024 through partner platforms Kraken and Bitstamp. The rehabilitation trustee set an October 31, 2026 deadline to complete distributions, the third extension since an original October 2023 target.

Mt. Gox was a Tokyo-based exchange that collapsed in 2014 after reporting about 850,000 missing bitcoins. Approximately 200,000 of those coins were later recovered. At its peak, the exchange handled an estimated 70% of global Bitcoin trading.

In recent market activity, Bitcoin has traded below $70,000. A listed investment vehicle disclosed a sale of 32 BTC for about $2.5 million to fund a preferred stock distribution. Nasdaq-listed ProCap Financial announced the sale of roughly 52 BTC to fund a share buyback.

Market participants are monitoring the Mt. Gox addresses for further activity. On-chain labels such as “unspent” and “spent” help track whether coins remain in a new wallet or have been moved onward to other addresses, including exchange wallets or private custody.