Japan’s Answer to Strategy: Metaplanet Initiated With Buy Rating at Benchmark
Main Idea
Benchmark analyst Mark Palmer initiated coverage of Metaplanet with a buy rating and a ¥2,400 price target, citing its aggressive bitcoin strategy as Japan's answer to MicroStrategy.
Key Points
1. Benchmark initiated coverage of Metaplanet with a buy rating and a ¥2,400 price target, representing about 50% upside from the stock's close of ¥1,650.
2. Analyst Mark Palmer compared Metaplanet to MicroStrategy due to its 'hyper-accumulation' strategy, aiming to hold 210,000 BTC by 2027 (1% of total supply).
3. Metaplanet's '555 Million Plan' involves issuing 555M moving strike warrants to raise ¥770B ($5.3B) over 6-10 months to fund further bitcoin purchases.
4. The company pivoted from a small hotel operator in April 2024 to a bitcoin-focused firm, delivering a 7,742% return since then.
5. Metaplanet trades at a 5.12x premium to net asset value (NAV), justified by its 8,655% increase in bitcoin holdings since Q3 2024.
Description
Benchmark analyst Mark Palmer initiated coverage of Metaplanet (3350.T) with a buy rating and a ¥2,400 price target, calling the company "Japan's answer to MSTR" due its aggressive bitcoin (BTC) acquisition strategy. That's about 50% upside from the stock's close of ¥1,650 overnight. ADRs for the shares trade in the U.S. under the MTPLF symbol and closed Friday at $10.36. Palmer said Metaplanet's “hyper-accumulation” strategy, aiming for 210,000 BTC by 2027, or 1% of total supply, is backed by a...
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