Benchmark analyst Mark Palmer starts covering Metaplanet (3350.T) With a buy rating and a price target of 2,400 yen, it called the company “Japanese answer to MSTR” and therefore its positive Bitcoin
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This is about 50% upside potential for the stock to collapse. U.S. stocks, which have the MTPLF symbol as stock ADRS, closed $10.36 on Friday.
Palmer said Metaplanet’s “hyperaccumulation” strategy is 210,000 BTC by 2027, or 1% of the total supply, and has been given a unique capital accumulation program that thrives in terms of volatility.
Metaplanet recently announced “555 million plan‘To issue 5.55 billion strike orders to raise 770B yen ($5.3B) Palmer added that for more than 6 to 10 months, cheering for further bitcoin purchases.
Once a small hotel operator, Metaplanet hub April 2024 To be the first-time Bitcoin Treasury game in the U.S., it provides leverage ratios to Japanese investors facing tax barriers to guide cryptocurrency ownership. The stock has since brought a staggering 7,742% return, outperforming other Japanese stocks.
Although Metaplanet’s trading price is 5.12 times, the net asset value transaction (NAV)Palmer said it was justified that the valuation was its explosive BTC growth. Since the third quarter of 2024, the company has increased its Bitcoin stack by 8,655%, while diluted stocks have increased by 263%.
The stock rose 11% in overnight trading in Tokyo to close at 1,650.
Read more: Metaplanet acquires 1,005 bitcoins and issues $208 million in bonds for further BTC purchases
