The Bitcoin treasury company Bitmax has secretly transferred all 550 bitcoins it holds to CEX

According to South Korean media outlet "Daily Economic News," the South Korean KOSDAQ-listed company Bitmax transferred all of its more than 550 bitcoins to cryptocurrency exchanges such as OKX, Bitget, Binance, and Bybit before implementing a 4-for-1 capital reduction.

On-chain tracking shows that the transfers began on January 15, carried out in batches of 100 or 50 bitcoins, and were completed by February 5. Bitmax confirmed that it has transferred the bitcoins from its original custodian Koda to the aforementioned exchanges but stated that it still holds all bitcoins and refused to disclose the reason for the transfer. Currently, its official website still publicly displays a balance proof based on Koda's custody.

Bitmax announced its btc-42">bitcoin treasury strategy last March, allowing investors to gain indirect exposure to bitcoin by purchasing its shares. If it has sold the transferred bitcoins, it would mean that the company has liquidated its previously promoted bitcoin holdings without making any announcements. Bitmax completed the 4-for-1 capital reduction on March 9 to improve its financial structure. Due to current regulations not requiring mandatory disclosure, Bitmax does not need to report the sale of bitcoins to the Financial Supervisory Service of Korea.