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

CoinFeed 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 explained that this move was to improve security and operational efficiency by distributing tokens across multiple secure accounts. The company previously faced financial difficulties, reporting a net loss of $52 million in the third quarter of 2025, forcing it to cut its core AR business R&D budget. Its common stock has been suspended from trading on the Korean Stock Exchange, potentially facing delisting. BitMax responded that it has commissioned an external auditor who confirmed the financial statements are "reliable," and stated that the losses are accounting valuation losses that do not involve cash outflows.