Benchmark Reiterates "Buy" Rating for Metaplanet, Target Price 2,400 JPY

Benchmark Equity Research maintains its "Buy" rating for Japan's Bitcoin vault company Metaplanet, with a target price of 2,400 JPY, despite the company's recent 40% stock price decline. Recently, Metaplanet increased its holdings by approximately $633 million, acquiring 5,419 Bitcoins, bringing its total holdings to 25,555 Bitcoins, making it the fifth-largest publicly listed Bitcoin holder globally. Additionally, the company has established a subsidiary in the United States, focusing on the development and promotion of Bitcoin-related financial products.