Benchmark has cut its price target for Metaplanet from ¥2,400 to ¥1,100, while maintaining a “buy” rating, following the company’s earnings report which revealed both the potential and risks associated with its aggressive Bitcoin accumulation strategy. The Tokyo-listed bitcoin treasury firm reported a $619 million net loss for the fiscal year, primarily due to valuation losses on its bitcoin holdings, yet it showed improved operating performance through its bitcoin-related financial services. Despite these challenges, the firm ranks as the fourth-largest public corporate bitcoin holder, indicating the broader sector’s struggles with bitcoin volatility, which has resulted in substantial unrealized losses even for market leaders like Strategy.
Benchmark cuts Metaplanet target, highlights risks of bitcoin pivot
