[BitMax Denies Selling Bitcoin: Transferred to Overseas Exchanges Due to Higher Security Compared to Domestic Wallet Providers] According to DL News, South Korean digital asset treasury company BitMax has denied plans to sell its Bitcoin holdings, following reports that the company transferred all its Bitcoin from a cold wallet operated by the country'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 the move was aimed at enhancing security and operational efficiency by diversifying token storage across multiple secure accounts. The company previously faced financial difficulties, reporting a net loss of $52 million in the third quarter of 2025, which forced it to cut its core AR business research and development budget. Its common stock has been suspended from trading on the Korean exchange and may face delisting risks. BitMax responded by stating that it has commissioned an external audit to confirm the reliability of its financial statements and clarified that the losses are accounting valuation losses that do not involve cash outflows. Earlier reports from Korean media indicated that Bitcoin treasury company BitMax had secretly transferred all 550 Bitcoin holdings to centralized exchanges (CEX).