Catenaa, Friday, July 04, 2025- Equities research firm Benchmark has set a bullish price target of 2,400 yen ($16.70) for Metaplanet, marking a 46% upside from its current valuation of 1,644 yen.
The Tokyo-listed firm, which rebranded as Japan’s first bitcoin treasury company in 2024, has rapidly climbed to global prominence in crypto-finance.
Metaplanet holds 13,350 BTC as of June 30, making it the world’s fifth-largest public holder of bitcoin.
Benchmark said its aggressive BTC accumulation plan and shift from a hospitality business to a digital asset-focused model mirrors Strategy’s template under Michael Saylor.
Analyst Mark Palmer wrote that Metaplanet has earned investor confidence through its transparent treasury reports, clear BTC roadmaps, and its new U.S. subsidiary, which is expected to anchor a $5 billion capital infusion for global expansion. “Management’s execution and consistent disclosures have made Metaplanet a proxy for Japanese investors seeking tax-efficient BTC exposure,” he noted.
Metaplanet’s appeal in Japan is also boosted by punitive tax rates on individual BTC holders, up to 55%,— while its stock offers an equity-based workaround for exposure. Since April 2024, the stock has risen over 5,700%, from 28 yen to current highs.
Benchmark, however, flagged risks tied to BTC’s volatility and Metaplanet’s reliance on continuous capital raises via stock offerings and convertible debt. Dilution, regulatory shifts in Japan, and NAV compression were also cited as key concerns.
