Benchmark — Analyst Mark Palmer initiated cover of Metaplanet (3350.t) With a purchase rating and a 2,400 price target calling the company “Japan’s response to Mstr” because of its aggressive Bitcoin
Acquisition strategy.
It is approx. 50% upside down from the stock closure of 1,650 overnight. ADRS for the shares trades in the US under the MTPLF symbol and closed on Friday at $ 10.36.
Palmer said the metaplan’s “hyper -accumulation” strategy aimed at 210,000 BTC in 2027, or 1% of the total supply, is supported by a unique capital collection plan that thrives on volatility.
Metaplan’s recently announced ‘555 million plan’ would issue 555 m move strike options to raise 770b 770b ($ 5.3B) Over 6 to 10 months fueling for additional Bitcoin purchases, palms added.
Once a small hotel operator, Metaplanet turned in April 2024 to become the country’s first listed Bitcoin Treasury game, offering geared exposure to Japanese investors facing tax barriers to direct crypto ownership. The stock has since delivered a staggering 7,742% return, surpassing any other Japanese equity ten times.
Although metaplanet is trading with a 5,12x premium for the net value (NAV)Palmer said the valuation is justified by its explosive BTC growth. The company has increased its Bitcoin stack by 8,655% since the 3rd quarter of 2024 against an increase of 263% in diluted shares.
The stock rose 11% in the night over trade in Tokyo and closed at Y1.650.
Read more: Metaplanet acquires 1,005 Bitcoin, emits $ 208m bonds for additional BTC buyer
