Bitmax moved 550 BTC to exchanges ahead of capital reduction

South Korean Digital Asset Trust (DAT) firm Bitmax transferred its entire Bitcoin holdings to exchanges just before a 4-for-1 capital reduction, Maeil Business Newspaper reported exclusively. The company, which had previously disclosed holding 551 BTC as of February, reportedly moved around 550 BTC between Jan. 15 and Feb. 5. In response, Bitmax confirmed that it transferred the Bitcoin from its custodian, Coda, to exchanges including Binance and Bybit. The company stated that it still holds all the Bitcoin but could not confirm the reason for the transfer. As of this morning, Bitmax's website still displays a balance certificate based on its custody with Coda. The transfers preceded Bitmax's recent decision to implement a 4-for-1 capital reduction to improve its financial structure by covering accumulated losses. The firm has recently faced a substantive delisting review and a failed attempt to acquire Nasdaq-listed Solowin Holdings (AXG).