BitMax denied selling any of the roughly 550 BTC previously moved to major overseas exchanges, saying the transfers to venues including Binance and Bybit were for security and operational efficiency rather than disposals. Earlier on-chain data showed the transfers began on Jan. 15 and were completed by Feb. 5, with destinations including OKX, Bitget, Binance and Bybit. The new information adds BitMax’s explicit denial of any sale and further context that the company had reported a $52 million net loss in Q3 2025 and is facing delisting risk.