Benchmark maintains a “Buy” rating on Metaplanet despite 40% stock drop, citing strong bitcoin treasury strategy and institutional adoption.
Despite a 40% decline in its stock over the past month, Benchmark Equity Research has reiterated its “Buy” rating for Metaplanet, a Japanese bitcoin treasury firm.
Analyst Mark Palmer set a target price of 2,400 yen for Metaplanet by the end of 2026. At present, Metaplanet is trading at 542 yen, according to Yahoo Finance data.
Palmer’s report emphasizes the company’s ability to utilize its bitcoin holdings to generate recurring income. This strategy is seen as a key differentiator for Metaplanet, especially amid recent market fluctuations.
Stock Decline and Short-Seller Attacks
Metaplanet’s stock has dropped nearly 40% in the past month, prompting concerns about the company’s long-term viability. This drop has been partially fueled by short-seller attacks, which raised doubts about the effectiveness of crypto treasury strategies.
Metaplanet might’ve taken a 40% hit in stock price lately, but Benchmark is still riding the bullish wave 🌊. They’ve doubled down on their Buy rating, pointing to Metaplanet’s clever use of bitcoin holdings to generate recurring income through derivatives. 📈
Despite the dip,… pic.twitter.com/dRVwCDZQAS
— Seven Crypto 🐋 (@SevenWinse) September 25, 2025
However, Palmer believes these concerns are unfounded, pointing to the company’s history of strong performance.
“Suggestions that bitcoin treasury strategies are unraveling and that Metaplanet is running out of steam are premature and unwarranted,” Palmer wrote.
He reminded investors that Metaplanet had been Japan’s top-performing stock last year and has seen a 56% year-to-date increase in its shares.
Bitcoin Treasury Strategy Remains Strong
Palmer also pointed out that Metaplanet’s fundamental strategy, based on holding bitcoin as a scarce asset and hedge against inflation, continues to remain strong.
He mentioned that institutional adoption of bitcoin is deepening, which should support the continued success of the bitcoin treasury model.
The firm’s ability to generate recurring income from its bitcoin holdings through derivative strategies further enhances its outlook. As long as Bitcoin’s adoption curve continues to rise, Palmer believes there will be plenty of room for Metaplanet’s strategy to succeed.
Major Bitcoin Acquisition and New U.S. Subsidiary
Recently, Metaplanet made headlines with its acquisition of 5,419 BTC, worth approximately $632.5 million at an average price of $116,700 per bitcoin.
This purchase increased Metaplanet’s total bitcoin holdings to 25,555 BTC, making it the fifth-largest corporate holder of bitcoin worldwide. This acquisition was part of a larger $1.4 billion international offering that bolstered the company’s capital position.
Metaplanet has acquired 5419 BTC for ~$632.53 million at ~$116,724 per bitcoin and has achieved BTC Yield of 395.1% YTD 2025. As of 9/22/2025, we hold 25,555 $BTC acquired for ~$2.71 billion at ~$106,065 per bitcoin. $MTPLF pic.twitter.com/CBhZi2X9lE
— Simon Gerovich (@gerovich) September 22, 2025
In addition to its bitcoin strategy, Metaplanet has established a new U.S. subsidiary, Metaplanet Income Corp.
Based in Miami, this subsidiary was initially funded with $15 million in capital. It will focus on bitcoin-related financial products, including derivatives, and will operate separately from Metaplanet’s core Bitcoin holdings to enhance governance and transparency.
Palmer’s outlook for Metaplanet remains bullish, noting that the firm’s strategic moves, including acquisitions and new subsidiary creation, position it for long-term success. Despite recent market setbacks, Benchmark continues to see strong potential in Metaplanet’s business model.