Bitmax, a KOSDAQ-listed Bitcoin treasury company, has transferred all 550 of its Bitcoins to centralized exchanges, including OKX, Bitget, Binance, and Bybit, according to South Korean media. The transfers, which began on January 15th and concluded by February 5th, were executed in batches of 100 or 50 Bitcoins. Bitmax confirmed the transfer from its custodian, Koda, but maintains it still holds the Bitcoins, declining to disclose the transfer's purpose. The move coincides with Bitmax's recent 4-to-1 gratuitous capital reduction completed on March 9th, aimed at improving its financial structure. Despite the transfer, Bitmax's website continues to show proof of balance based on Koda custody. The company had previously announced a Bitcoin Treasury strategy to offer investors indirect Bitcoin exposure through its shares. Current regulations do not require Bitmax to report Bitcoin sales to the Financial Supervisory Service of Korea, raising questions about the status of its Bitcoin holdings.