Benchmark cut Metaplanet’s target after BTC-driven losses despite stronger BTC income.
Summary
- Benchmark trimmed its Metaplanet target from ¥2,400 to ¥1,100 while reiterating a buy view.
- Metaplanet booked a sizeable net loss on late‑2025 BTC price declines despite higher BTC income revenues.
- Shares trade near post‑April 2024 BTC‑treasury lows as large holders sit on deep unrealized BTC losses.
Benchmark has reduced its price target for Tokyo-listed Bitcoin treasury company Metaplanet while maintaining a “buy” rating, according to a recent analyst report citing mixed performance indicators from the firm’s earnings and bitcoin-focused strategy.
Metaplanet shares, which trade on U.S. over-the-counter markets, are trading near their lowest levels since the company began purchasing bitcoin in April 2024, according to market data.
The company reported a net loss for the fiscal year ended December 31, driven primarily by non-cash valuation losses on its bitcoin holdings following price declines in late 2025, according to the company’s financial statements. Revenue and operating profit showed improvement due to bitcoin-related financial services, the report stated.
Benchmark highlighted Metaplanet’s Bitcoin (BTC) Income Generation business, which generates revenue through options and yield strategies tied to bitcoin. The business model allows for potential dividends on new perpetual preferred shares without requiring the sale of core bitcoin holdings, according to the analyst report.
Metaplanet holds tens of thousands of bitcoin purchased at a high average price, resulting in a substantial unrealized loss, according to company disclosures.
Analysts stated that investor demand for preferred shares will determine the company’s ability to expand its bitcoin treasury while managing dilution risk. Large holders face substantial losses, reflecting the sector-wide impact of bitcoin volatility on corporate treasuries, the report noted.
Benchmark stated that upside potential remains if Metaplanet successfully scales both its bitcoin holdings and income-generating operations, but cautioned that price volatility and shareholder dilution represent significant concerns for investors.
