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Mt. Gox Transfers $953M in $BTC After 8-Month Silence

Mt. Gox moved 10,608 $BTC worth $953 million on Monday, marking the defunct exchange's first large transfer in eight months. The movement came as Mt. Gox pushed back creditor repayments until October 2026, citing incomplete procedures.

The Mt. Gox-labelled cold wallet transferred the #Bitcoin into a new crypto wallet, according to Arkham Intelligence data. This marked the first movement above $1 million from the address since March 25, when 893 $BTC worth $77.3 million were moved. Mt. Gox still holds 34,689 $BTC worth approximately $3.14 billion.

The transfer surprised the #crypto community because Mt. Gox had delayed its repayments by another year just weeks earlier. The rehabilitation trustee changed the deadline to Oct. 31, 2026, with court permission, stating it was desirable to make repayments to creditors to the extent reasonably practicable.

The delay means around $4 billion in $BTC will remain off the market for another year. This reduces the risk of a sudden sell-off by creditors who have waited more than a decade for their funds. Mt. Gox initiated the first tranche of repayments in July 2024.

$BTC has risen over 60% since Mt. Gox began distributing funds to creditors, climbing from approximately $56,160 to $91,172. New institutional buyers, including #Bitcoin treasury firms and U.S. spot $BTC exchange-traded funds, have absorbed the newly released supply. The repayments have had a diminishing impact on #Bitcoin price as institutional demand has grown.

Some market watchers viewed the $953 million transfer as a concerning sign. Jacob King, financial analyst and CEO at SwanDesk, wrote in a Tuesday X post that Mt. Gox had likely moved the funds in preparation to sell them on the market. However, the receiving wallet has not sent any coins to centralized exchanges, which would indicate an imminent sale.