Defunct cryptocurrency exchange Mt. Gox executed its first on-chain Bitcoin movement since March on Tuesday, stirring market attention. Arkham Intelligence data shows the firm transferred 10,306 BTC (worth roughly $730.8 million) from its cold wallets to an unmarked address labeled "14FE…c9eq" at approximately 4:47 a.m. UTC. In the same batch, another 116.3 BTC was sent to a Mt. Gox hot wallet.
Hours later, blockchain records tracked by Arkham revealed an additional 116.3 BTC sent to address "1A4x…QNj4" and a small amount — around $1.19 — to a Bitstamp cold wallet. Despite the size of the transfers, the receiving wallet is not linked to any known centralized or decentralized exchange. Arkham currently labels the moved Bitcoin as "unspent," leaving the purpose unclear.
Non-Exchange Destination Eases Immediate Selling Concerns
Since the destination address is not tied to a trading platform, the transaction does not directly signal Mt. Gox preparing to sell. Market observers have long watched large wallet movements from the exchange, as previous transfers often preceded creditor distributions. The receiving address appears to be a fresh wallet rather than an exchange-controlled one, suggesting internal wallet management or preparation for future repayments.
Following Tuesday's transactions, Mt. Gox still holds 34,504 BTC — worth approximately $2.43 billion — according to Arkham's wallet data. However, some analysts remain cautious about the move's potential impact on Bitcoin's price.
Institutional Interest: Strive Plans to Acquire Mt. Gox Claims for up to 75,000 BTC
Mt. Gox claims have drawn institutional attention. As previously reported by crypto.news, Strive Asset Management intends to build a Bitcoin treasury of up to 75,000 BTC through purchases of approved but undistributed Mt. Gox claims — which the firm estimates are worth about $8 billion. Under that scenario, some creditors could sell their claims to buyers before receiving Bitcoin, potentially reducing the amount of BTC entering the spot market immediately after distributions.
Creditor Repayment Process Continues, Deadline Extended to 2026
Mt. Gox began repaying creditors in July 2024 through partner exchanges including Kraken and Bitstamp, but the rehabilitation process remains incomplete. Last year, the rehabilitation trustee obtained approval from a Japanese court to extend the repayment deadline to October 31, 2026. Trustee disclosures previously stated that base repayments, early lump-sum repayments, and intermediate repayments have been completed for many eligible creditors, while approximately 19,500 creditors have already received funds.
Founded in Tokyo in 2010, Mt. Gox once handled about 70% of global Bitcoin trading volume. It collapsed in 2014 after losing approximately 850,000 BTC in a hack, triggering one of the longest-running bankruptcy and rehabilitation proceedings in cryptocurrency history.