Metaplanet, Japan’s leading bitcoin treasury firm, is receiving a vote of confidence from Benchmark Equity Research, which has maintained its “Buy” rating even as the company’s stock struggles.
In a research note released Wednesday, Benchmark analyst Mark Palmer set a price target of 2,400 Japanese yen by the end of 2026, a sharp contrast to the company’s current share price of around 542 yen, according to Yahoo Finance data.
The optimism comes despite a nearly 40% decline in Metaplanet’s stock in recent weeks, following its sharp rally earlier this year that mirrored bitcoin’s climb. The pullback has sparked concerns over the sustainability of crypto treasury firms, but Palmer argued such worries are overstated.
“Suggestions that bitcoin treasury strategies are unraveling, and that Metaplanet is running out of steam, are both premature and unwarranted,” Palmer wrote.
He noted that short-seller pressure has weighed on the stock, but emphasized the company’s strong fundamentals and track record.
Metaplanet was Japan’s best-performing stock in 2023 and remains up 56% year-to-date. Palmer said this level of outperformance suggests a company consolidating after rapid growth, not one losing momentum.
The analyst reaffirmed confidence in Metaplanet’s core strategy: holding bitcoin as a scarce, programmable reserve asset and an inflation hedge. He also highlighted the company’s ability to use its bitcoin holdings to generate recurring income through derivative strategies, setting it apart from other corporate holders.
That confidence is backed by the firm’s actions. On Monday, Metaplanet announced the purchase of 5,419 BTC worth $632.5 million at an average price of $116,700 per bitcoin—its largest single acquisition to date. The move raised its total holdings to 25,555 BTC, positioning Metaplanet as the fifth-largest public corporate bitcoin holder worldwide. The acquisition was funded by a recent $1.4 billion international capital raise.
Looking ahead, Metaplanet is also expanding internationally. The company recently launched Metaplanet Income Corp., a Miami-based subsidiary with an initial $15 million capital injection. The new unit will focus on bitcoin-related financial products, including derivatives, while operating separately from Metaplanet’s core treasury. Benchmark noted this step could improve both governance and transparency.
