Benchmark Analyst Mark Palmer started the metaplanet scope (3350.t) with a purchase rating and a target price of 2,400, calling the company “Japan’s answer to MSTR” because of its aggressive bitcoin
approach to acquisition.
That is about 50% upside down from near the stock of ¥ 1,650 overnight. ADRS for the US trade sharing under the MTPLF symbol and closed Friday at $ 10.36.
Palmer said the approach of “hyper-accumulation” of metaplanet, aimed at 210,000 BTC by 2027, or 1% of the total supply, was supported by a unique capital raising plan emerging in volatility.
Recently announced by metaplanet ‘555 million plans‘Will release 555m Moving Strike Warrants to raise ¥ 770b ($ 5.3b) Over 6 to 10 months, which has fueling additional Bitcoin purchases, Palmer added.
When a small hotel operator, the metaplanet is pivoted April 2024 To be the first listed play of the country’s bitcoin treasury, which offers leveraged exposure to Japanese investors facing tax barriers to direct crypto ownership. The stock has since delivered a tedious 7,742% return, which is more than every other Japanese equity tenfold.
Although metaplanet is trading in a 5.12x premium on the net asset value (NAV)Palmer said the appreciation was justified by the explosion of BTC growth. The company increased the Stack of Bitcoin by 8,655% from Q3 2024 compared to a 263% increase in diluted shares.
The stock rose 11% in Tokyo’s overnight trading, which closed the Y1,650.
Read more: Metaplanet obtained 1,005 Bitcoin, issued $ 208m bonds for additional BTC BUYS
