Benchmark slashes Metaplanet target as BTC slump drives losses

cryptonews02-23 17:27

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. ...

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Revenue and operating profit showed improvement due to bitcoin-related financial services, the report stated.Benchmark highlighted Metapla","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4601":"加密货币现货ETF","BITO":"比特币期货ETF-ProShares","BK4588":"碎股","MTPLF":"Metaplanet Inc.","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念"},"translate_title":"由于BTC暴跌导致亏损，Benchmark大幅削减Metaplanet目标","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MTPLF":1.96,"BITO":0.6},"content_text":"Benchmark cut Metaplanet’s target after BTC-driven losses despite stronger BTC income.\n\n\nSummary\n\n\n\nBenchmark trimmed its Metaplanet target from ¥2,400 to ¥1,100 while reiterating a buy view.\nMetaplanet booked a sizeable net loss on late‑2025 BTC price declines despite higher BTC income revenues.\nShares trade near post‑April 2024 BTC‑treasury lows as large holders sit on deep unrealized BTC losses.\n\n\n\nBenchmark 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.\nMetaplanet 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.\nThe 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.\nBenchmark 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.\nMetaplanet holds tens of thousands of bitcoin purchased at a high average price, resulting in a substantial unrealized loss, according to company disclosures.\nAnalysts 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.\nBenchmark 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.\n\n\n\n\n\n                Read more:\n            \n\n                 Why is crypto market down today? 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