Summary
- Benchmark announced that it has set Metaplanet's target stock price at ¥2,400.
- The report indicated that even though Metaplanet carries a Bitcoin premium, this is justified by its growth potential.
- Metaplanet's Bitcoin holdings have increased by 8,655% since the third quarter of last year.
US investment bank Benchmark has reportedly set Metaplanet's target stock price at ¥2,400.
According to CoinDesk on the 30th (local time), Benchmark stated in its report, "Our investment rating for Metaplanet is Buy," adding, "We set the target stock price at ¥2,400." This represents a rise of about 50% compared to the previous day's closing price of ¥1,650.
It also expressed the view that the Bitcoin premium is not a concern. The report said, "Currently, Metaplanet shares carry a premium that is five times the value of Bitcoin," but noted, "Such a valuation is justified by Bitcoin's explosive growth."
Meanwhile, since Q3 last year, Metaplanet's Bitcoin holdings have increased by 8,655%, while diluted shares reportedly rose by only 263%.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
