ChainCatcher news, according to South Korean media (Daily Economic News), the South Korean KOSDAQ-listed company Bitmax has transferred all of its more than 550 Bitcoins to crypto exchanges such as OKX, Bitget, Binance, and Bybit before implementing a 4-for-1 capital reduction.
On-chain tracking shows that the transfers began on January 15, occurring in batches of 100 or 50 Bitcoins, and all were transferred out by February 5. Bitmax has confirmed that it has transferred Bitcoin from the original custodian Koda to the aforementioned exchanges, but stated that it still holds all Bitcoin and refused to disclose the reason for the transfer. Currently, its official website still publicly displays balance proof based on Koda custody.
Bitmax announced its Bitcoin treasury strategy in March last year, allowing investors to indirectly gain exposure to Bitcoin by purchasing its shares. If it has sold the transferred Bitcoin, it means the company has liquidated its previously advertised Bitcoin holdings without making any announcements. Bitmax completed a 4-for-1 capital reduction on March 9 to improve its financial structure. Due to current regulations not requiring mandatory disclosure, Bitmax does not need to report the sale of Bitcoin to the Financial Supervisory Service of Korea.