Mt. Gox, the once-dominant Tokyo-based bitcoin exchange, is set to complete its long-running creditor repayment process by October 31, 2025.
The exchange, which collapsed in 2014 after losing approximately 650,000 BTC to theft, still holds around 34,689 bitcoin—valued at roughly $3.9 billion—awaiting distribution to verified creditors.
Early bitcoin sales and market impact
After the recovery of about 200,000 BTC in an old-format wallet, court-appointed trustee Nobuaki Kobayashi managed the sale of significant bitcoin holdings to fund fiat repayments.
Between September 2017 and March 2018, Kobayashi sold 35,841 BTC for approximately $360 million, with the largest single sale occurring on February 6, 2018.
These sales, which reduced Mt. Gox’s bitcoin holdings to about 166,000 BTC, coincided with periods of notable bitcoin price volatility.
Transition from liquidation to rehabilitation
Following further bitcoin sales in April and May 2018, creditor petitions led the Tokyo District Court to halt bankruptcy proceedings and open civil rehabilitation.
This shift allowed for repayments in bitcoin or Bitcoin Cash rather than cash conversions, stabilizing the remaining holdings at around 142,000 BTC.
Repayments and deadline extension
In mid-2024, Mt. Gox began moving bitcoin in preparation for repayments under court supervision.
On October 10, 2024, trustee Kobayashi announced that most repayments to verified creditors had been completed, but some cases remained pending.
With court approval, the repayment deadline was extended to October 31, 2025, allowing additional time for outstanding claims to be processed. At present, Mt. Gox wallets hold over 34,000 BTC, with final distributions expected by the new deadline.
