7 hours ago
Benchmark expert Mark Palmer initiated sum of Metaplanet (3350.T) with a bargain standing and a ¥2,400 terms target, calling the institution "Japan's reply to MSTR" owed its assertive bitcoin (BTC) acquisition strategy.
That's astir 50% upside from the stock's adjacent of ¥1,650 overnight. ADRs for the shares commercialized successful the U.S. nether the MTPLF awesome and closed Friday astatine $10.36.
Palmer said Metaplanet's “hyper-accumulation” strategy, aiming for 210,000 BTC by 2027, oregon 1% of full supply, is backed by a unsocial capital-raising program that thrives connected volatility.
Metaplanet's precocious announced '555 Million Plan' would contented 555M moving onslaught warrants to rise ¥770B ($5.3B) implicit 6 to 10 months, fueling further bitcoin purchases, Palmer added.
Once a tiny edifice operator, Metaplanet pivoted successful April 2024 to go the nation’s archetypal listed bitcoin treasury play, offering leveraged vulnerability to Japanese investors facing taxation hurdles to nonstop crypto ownership. The banal has since delivered a staggering 7,742% return, outperforming each different Japanese equity tenfold.
Though Metaplanet trades astatine a 5.12x premium to nett plus worth (NAV), Palmer said the valuation is justified by its explosive BTC growth. The institution has accrued its bitcoin stack by 8,655% since Q3 2024 versus a 263% summation successful diluted shares.
The banal roseate 11% successful overnight trading successful Tokyo, closing astatine Y1,650.
Read more: Metaplanet Acquires 1,005 Bitcoin, Issues $208M Bonds for Further BTC Buys
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