Metaplanet Receives Buy Rating from Benchmark with ¥2,400 Price Target
Analyst Mark Palmer initiated coverage of Metaplanet (3350.T) with a buy rating and a target price of ¥2,400. This reflects a potential upside of 50% from the current price of ¥1,650.
Key points include:
- Metaplanet aims to acquire 210,000 BTC by 2027, representing 1% of total supply.
- The company's capital-raising plan involves issuing 555 million moving strike warrants to raise ¥770 billion ($5.3 billion) over 6 to 10 months.
- Since pivoting from a hotel operator to a bitcoin treasury play in April 2024, Metaplanet has achieved a 7,742% return.
- The stock trades at a 5.12x premium to net asset value, justified by significant bitcoin accumulation.
- Metaplanet's bitcoin stack increased by 8,655% since Q3 2024, compared to a 263% rise in diluted shares.
The stock rose 11% in overnight trading, closing at ¥1,650.