Original | Odaily (@OdailyChina)

Author | jk

Nearly 13 years after its bankruptcy, Mt. Gox creditors are still waiting.

On October 16, Mt. Gox bankruptcy trustee Nobuaki Kobayashi issued a notice stating that permission had been obtained from the Tokyo District Court to extend the deadlines for three categories of repayments—base repayment, early lump-sum repayment, and intermediate repayment—from October 31, 2026 to October 31, 2027. This marks the fourth consecutive one-year extension since the original deadline of October 2023.

About 34,400 BTC Remain On-Chain, Roughly a Quarter of the Planned Distribution

According to Arkham Intelligence data, wallets associated with Mt. Gox still hold approximately 34,400 BTC, worth about $2.8 billion at the time of reporting. Arkham's count as of September 30 was 34,387 BTC.

In September 2023, the trustee disclosed a repayment plan covering approximately 142,000 BTC, about 143,000 BCH, and 69 billion yen in cash. By that measure, the remaining BTC represents roughly a quarter of the planned distribution. At the time of the October 2025 extension, Arkham data showed the wallet held 34,689 BTC, with little change in balance over the year. Additionally, according to Arkham monitoring, about 10,400 BTC (approximately $739 million) was transferred out of its cold wallet in June of this year, but no explanation from the trustee regarding that transfer has been seen publicly.

What Does This Mean for the Market? Will There Be Selling Pressure?

For the market, this extension means the selling timeline for approximately 34,400 BTC has been pushed back another year. These coins are not sold on the market by the trustee but distributed to creditors, who decide for themselves whether to hold or sell. Therefore, on-chain movements of Mt. Gox wallets have long been viewed as a leading indicator of selling pressure.

In July 2024, the trustee transferred a total of approximately 96,000 BTC to Bitbank, SBI VC Trade, and Kraken, and the BTC price briefly fell below $55,000. The remaining 34,400 BTC is about one-third of that transfer volume.



Selling in Q2 and Q3 2024, Source: Coingecko

Arkham data shows the wallet balance was approximately 44,900 BTC in October 2024, about 34,700 BTC in October 2025, and 34,387 BTC as of September 30 this year—a decrease of only about 300 BTC from last October. After approximately 10,400 BTC was transferred out of the cold wallet in June, the balance did not decline noticeably either, and the trustee has not explained the purpose of that transfer. Currently, about $2.8 billion worth remains in the wallet.

When Mt. Gox collapsed in 2014, BTC was priced at only about $600. Creditors receiving coins today have a cost basis far below market price, so the market worries they will sell to cash out. However, we cannot see data on actual creditor selling; moreover, neither the number of remaining creditors nor the amount still owed has been disclosed, making it difficult to quantify the actual impact of these funds on the market. If new large transfers occur going forward, they will remain a selling-pressure signal worth watching.

Extension After Extension: The Repayment Process Keeps Dragging On

Mt. Gox was founded in 2010 and at its peak handled about 70% of global BTC trading. In 2014, the exchange lost approximately 850,000 BTC due to a hack and subsequently entered bankruptcy proceedings. In 2021, the Tokyo District Court approved its civil rehabilitation plan, allowing creditors to receive partial repayment from remaining assets.

The repayment process has been delayed multiple times since then. In September 2023, the trustee announced the repayment plan and simultaneously extended the deadline from the originally scheduled October 31, 2023 to October 31, 2024 for the first time. At the end of that year, yen cash repayments began first. In July 2024, the trustee began distributing BTC and BCH through institutions including Kraken, Bitstamp, BitGo, and Japan's Bitbank and SBI VC Trade. That month, the trustee transferred approximately 47,000 BTC to Bitbank and SBI VC Trade, and another approximately 48,600 BTC to Kraken. The market briefly worried about selling pressure, and BTC price fell below $55,000.

Subsequently, the deadline was extended in October 2024 to October 2025, and then on October 27, 2025 (four days before expiry) extended again to October 2026. The trustee disclosed in March 2025 that approximately 19,500 creditors had received BTC and BCH. This extension notice was issued about two weeks earlier than the previous one.

Trustee: Most Creditors Have Been Repaid

According to the bankruptcy trustee's notice, for creditors who have completed the necessary procedures and encountered no issues during the repayment process, the three categories of repayment have been largely completed. However, a large number of creditors have still not received funds because they have not completed the procedures, and a considerable number of creditors have encountered various problems during the repayment process and have been unable to collect. The trustee stated that it hopes to repay these creditors within a reasonably practicable scope, and therefore more time is needed.

However, this notice only adjusts the dates. The trustee did not disclose the number of creditors who have not yet been repaid or the remaining amount owed, nor did it provide a schedule for subsequent phased distributions. Creditors with questions may inquire through the official online rehabilitation claims system; the notice also notes that inquiry volume is high and responses may be delayed.