Defunct Japanese crypto exchange Mt. Gox moved roughly $739 million worth of Bitcoin from its cold wallets early Tuesday, its first onchain movement in over two months, according to Arkham Intelligence data.
Blockchain data shows the exchange transferred 10,306 Bitcoin (BTC), worth approximately $730.8 million, from its cold wallet to an unmarked address at 4:47 am UTC. The transferred Bitcoin is currently marked as “unspent” by Arkham. The exchange also made a separate transfer of 116.3 BTC, worth around $8.25 million, to its hot wallet at the same time, which is marked as “spent.”
The transferred Bitcoin being marked “unspent” means the funds are sitting in the new address and have not yet been sent anywhere further. On the other hand, “spent” means those funds have already been moved on again to another address.
Source: Arkham
The large movement has raised questions about whether creditor distributions are imminent, which could weigh on markets, as creditors who have waited over a decade to recover their funds may choose to sell once they receive their Bitcoin.
Related: Bitcoin falls to 2-month low as divergence from equities widens
Mt. Gox holds another $2.4 billion in Bitcoin
Mt. Gox still holds 34,504 BTC worth roughly $2.41 billion across its wallets, according to Arkham data. The exchange began repaying creditors in July 2024 through partner exchanges Kraken and Bitstamp, but the process has moved slowly, with the rehabilitation trustee repeatedly pushing back the deadline.
Mt. Gox was once the world’s largest Bitcoin exchange, handling roughly 70% of global BTC trades. The Tokyo-based platform collapsed in 2014 after reporting that about 850,000 BTC were missing, though roughly 200,000 BTC were later found.
In 2025, the exchange’s rehabilitation trustee set October 31, 2026, as the deadline for completing creditor repayments, the third extension since the original October 2023 deadline.
Related: Bitcoin bulls consider fresh positions after BTC price drops under $71K
Bitcoin drops as corporate sellers emerge
In the broader market, Bitcoin slipped below $70,000 after Strategy disclosed it had sold 32 BTC for $2.5 million, its first reported Bitcoin sale since a 2022 tax-loss transaction, to fund distributions on its preferred stock. The sale reduced Strategy’s holdings from 843,738 BTC to 843,706 BTC.
Nasdaq-listed ProCap Financial also announced Monday it had sold roughly 52 Bitcoin to fund a buyback of 2 million shares at approximately a 50% discount to net asset value.
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