Bankrupt Mt. Gox has made a major Bitcoin transaction for the first time this year, sparking speculations about its next steps.

On March 6, the blockchain analytics firm Arkham Intelligence reported that the collapsed exchange transferred 11,834 BTC—valued at around $1.07 billion at the time—to a new address. Additionally, 166.5 BTC was shifted to its cold wallet.

Despite these transfers, the exchange still holds around 36,000 BTC, valued at over $3.3 billion, according to Arkham Intelligence data.

Meanwhile, the latest transfer marks the exchange’s first major asset movement in three months and fueled debate in the crypto community. Some believe the exchange is preparing to sell Bitcoin, possibly capitalizing on the market’s upward momentum. However, others suggest the movement relates to ongoing creditor repayments.

Mt. Gox began reimbursing creditors last year, nearly a decade after shutting down due to hacks that led to the loss of about 850,000 BTC. By August 2024, it had distributed Bitcoin and Bitcoin Cash to approximately 21,000 creditors via platforms like Kraken, Bitstamp, and BitGo.

Despite these repayments, the rehabilitation trustee extended the final repayment deadline to Oct. 31, 2025, citing the need for additional time to complete distributions.