On August 28, according to Lookonchain monitoring, the Bitcoin treasury company Metaplanet transferred another 1,350 BTC to Coinbase Prime about one hour ago, worth about $108 million.

Previously, the company bought 43,000 BTC at an average price of $96,191, worth approximately $3.48 billion.

Metaplanet announced on August 18 that it would inject 2,100 BTC into the Nasdaq-listed company Super League to build a U.S. stock treasury platform. Just ten days later, it again transferred 1,350 BTC to Coinbase Prime. This was the second large transfer within the past week (it transferred 1,000 BTC on August 25), and the pace is clearly accelerating in crypto.

Metaplanet is copying Japan’s treasury model to the U.S. capital markets. Through the Superplanet platform, it issues securities to raise financing, while continuously injecting BTC as the core asset. Coinbase Prime, as the custodial channel, most likely points the recipient to the reserve funds or liquidity pool of the new platform.

What deserves attention is the synchronization between the transfer frequency and the listing plan. On August 18, 2,100 units were injected; on the 25th, 1,000 units were transferred; and on the 28th, another 1,350 units were transferred. This suggests that the 43,000 units of total holdings are being broken down into batches that can be operated. Compared with BlackRock’s prior operations of often around 4,000 units per transaction, Metaplanet’s fragmented transfers look more like preparation for an ongoing subscription/redemption mechanism rather than a one-time deployment.