Metaplanet Inc. (3350.T), the Tokyo-based company now widely seen as Japan’s answer to Strategy, has received a Buy rating from Benchmark analyst Mark Palmer, who set a price target of ¥2,400 — signaling a 50% upside from its latest close at ¥1,650.
Metaplanet’s Hyper-Bullish Bitcoin Strategy
Benchmark’s coverage calls Metaplanet “Japan’s Bitcoin treasury play,” referencing its hyper-accumulation strategy aiming to own 210,000 BTC by 2027 — or roughly 1% of Bitcoin’s total fixed supply.
Metaplanet has already returned over 7,700% since pivoting to Bitcoin in April 2024, outperforming every Japanese stock in the same period.
Originally a small hotel operator, the firm radically shifted its business model to mirror the playbook of Michael Saylor’s Strategy (MSTR), giving Japanese investors a leveraged proxy for BTC exposure in a country with stringent crypto taxation.
The ¥770 Billion “555 Million Plan”
To fuel its aggressive BTC accumulation, Metaplanet recently unveiled its “555 Million Plan,” a bold capital-raising strategy to issue 555 million moving strike warrants and raise up to ¥770 billion ($5.3 billion) in 6–10 months.
Palmer said this approach enables Metaplanet to capitalize on volatility — buying more BTC during dips and growing faster than conventional treasury strategies.
Massive Growth Despite Premium Valuation
Metaplanet trades at a 5.12x premium to its net asset value (NAV), a level Benchmark deems justified.
Palmer points out that from Q3 2024 to present, the company’s bitcoin holdings surged by 8,655%, while its diluted share count increased just 263% — indicating strong capital efficiency.
The stock’s ¥1,650 closing price on June 30 came after an 11% gain in overnight trading on the Tokyo exchange. U.S. ADR shares (MTPLF) last closed at $10.36.
Positioned as Asia’s Premier Bitcoin Proxy
With a clear roadmap to expand its crypto treasury and strong market momentum, Metaplanet is now seen as the top Bitcoin proxy stock in Asia, much like Strategy (MSTR) in the West.
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