**[Benchmark Maintains "Buy" Rating for Metaplanet but Cuts Target Price by Over 50%]** BlockBeats reported on February 18 that Benchmark has maintained its "Buy" rating for Metaplanet but has slashed its target price by more than half, citing the company's latest financial report, which highlights the "prospects and risks" of its aggressive Bitcoin accumulation strategy. Benchmark analyst Mark Palmer, in a research report released on Tuesday, lowered the target price for the Tokyo-listed Bitcoin reserve company from ¥2,400 to ¥1,100. He wrote that recent performance reflects the "hopes and dangers" of the company's Bitcoin-centric financial strategy. The stock, traded under the U.S. OTC code MTPLF, is currently priced at approximately $2.20, having briefly dropped to around $1.85 earlier this month—near its lowest level since the company began implementing its Bitcoin purchasing strategy in April 2024. Metaplanet reported a net loss of $619 million for the fiscal year ending December 31, primarily due to non-cash valuation losses on holdings caused by the decline in Bitcoin prices late last year. Nevertheless, its operational performance improved significantly, with revenue and profits growing due to Bitcoin-related financial service activities. A key pillar of Benchmark's investment thesis is Metaplanet's expanding Bitcoin revenue-generating business, which derives income through Bitcoin-related options and yield strategies. Analysts believe this segment enables the company to pay dividends on newly issued perpetual preferred shares without selling its core Bitcoin holdings, thereby funding subsequent BTC purchases through operating cash flow rather than asset sales. The company added that investor demand for these preferred instruments will likely determine whether Metaplanet can successfully continue expanding its financial reserves while mitigating dilution risks.