- Gox has moved $739 million worth of Bitcoin, its first major onchain transaction in over two months, reigniting concerns about potential creditor repayments and increased selling pressure on the Bitcoin market.
- The collapsed exchange still holds 34,504 BTC valued at roughly $2.41 billion, making its future distributions a key risk factor for BTC price action.
- Meanwhile, Bitcoin slipped below $70,000 as corporate holders, including Strategy and ProCap Financial, sold portions of their Bitcoin holdings.
According to data from Arkham Intelligence, the defunct Japanese cryptocurrency exchange Mt. Gox made its first onchain transaction in more than two months early on Tuesday, moving almost $739 million worth of Bitcoin from its cold wallets.
Source: Arkham
According to blockchain data, at 4:47 am UTC, the exchange moved 10,306 Bitcoin (BTC), or around $730.8 million, from its cold wallet to an unregistered address. Arkham currently has the transferred Bitcoin listed as “unspent.” At the same moment, the exchange executed a separate, “spent” transfer of 116.3 BTC, or about $8.25 million, to its hot wallet.
The fact that the transferred Bitcoin is labeled as “unspent” indicates that the money is now in the new address and has not yet been transferred. However, “spent” refers to those monies.
Mt. Gox Still Holds $2.41 Billion In BTC As Repayment Concerns Grow
The significant movement has sparked concerns about whether creditor distributions are likely, which might have an impact on markets because creditors who have been waiting more than ten years to get their money might decide to sell as soon as they get their Bitcoin.
According to Arkham data, Mt. Gox still has 34,504 BTC, or almost $2.41 billion, in its wallets. Through partner exchanges Kraken and Bitstamp, the exchange started paying back creditors in July 2024. However, the process has progressed slowly, with the rehabilitation trustee continuously extending the deadline.
Mt. Gox used to be the biggest Bitcoin exchange in the world, processing almost 70% of all BTC transactions. Although about 200,000 BTC were eventually discovered, the Tokyo-based site folded in 2014 after claiming that 850,000 BTC were missing.
Will Delayed Mt. Gox Payouts Trigger Another Bitcoin Market Shock?
The deadline for finishing creditor repayments was extended by the exchange’s rehabilitation trustee in 2025 to October 31, 2026. This is the third delay since the initial October 2023 deadline.
Following Strategy’s announcement that it had sold 32 BTC for $2.5 million, its first known Bitcoin sale since a 2022 tax-loss transaction, to finance distributions on its preferred shares, the price of Bitcoin fell below $70,000 in the general market. Strategy’s holdings dropped from 843,738 BTC to 843,706 BTC as a result of the sale.
ProCap Financial, a Nasdaq-listed company, also said on Monday that it had sold almost 52 Bitcoin to finance the repurchase of two million shares at a nearly 50% discount to net asset value.
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