Benchmark cuts Metaplanet price target amid BTC strategy

U.S. investment bank Benchmark has lowered its price target for Metaplanet from 2,400 yen (approx. $7.15) to 1,100 yen (approx. $15.60), while maintaining its buy rating. According to The Block, Benchmark analyst Mark Palmer explained that the company's recent earnings report revealed both the advantages and risks of its aggressive Bitcoin accumulation strategy. He added that investor demand for its preferred stock issuance, part of its Bitcoin revenue generation plan, will be a key factor. Metaplanet previously announced that despite a sevenfold increase in revenue last year, it incurred a net loss of 95 billion yen (approx. $619 million) due to valuation losses on its BTC holdings.