TechFlow, September 25 — According to The Block, Benchmark analyst Palmer reiterated a "Buy" rating on Japanese cryptocurrency firm Metaplanet with a target price of 2,400 yen. The company recently purchased 5,419 bitcoins at an average price of $116,700 per bitcoin, totaling approximately $632.5 million, marking its largest single purchase to date. Following this acquisition, Metaplanet’s total bitcoin holdings have reached 25,555 bitcoins, making it the fifth-largest publicly listed corporate holder of bitcoin globally.
Despite a recent 40% decline in the company's stock price, the analyst believes the bitcoin reserve strategy remains viable and highlighted its unique advantage in generating recurring revenue through derivatives. The company also announced the establishment of a subsidiary in Miami with an initial capitalization of $15 million, focused on developing bitcoin financial products.
