BitMax denies selling Bitcoin: Transfers to overseas exchanges are only because they are more secure than domestic wallet providers.

PANews reported on March 19th that, according to DL News, South Korean digital asset treasury company BitMax denied plans to sell its Bitcoin holdings, following reports that the company had transferred all of its Bitcoin from a cold wallet operated by South Korea's largest bank to overseas exchanges such as Binance and Bybit. BitMax's CEO issued a statement saying "not a single Bitcoin has been sold," and that this move was to distribute the tokens across multiple secure accounts to improve security and operational efficiency.

The company previously faced financial difficulties, reporting a net loss of $52 million in the third quarter of 2025. It was forced to cut its core AR business R&D budget, and its common stock has been suspended from trading on the Korea Exchange, potentially facing delisting. BitMax responded that it has commissioned an external auditor who confirmed the financial statements are "reliable," and stated that the loss is an accounting valuation loss that does not involve cash outflows.

According to previous reports from South Korean media, Bitmax, a Bitcoin treasury company, has secretly transferred all 550 Bitcoins it holds to a CEX .