Benchmark analyst reiterates "Buy" rating on Japanese crypto company Metaplanet

Jinse Finance reported, citing The Block, that Benchmark analyst Palmer reiterated a "Buy" rating on Japanese cryptocurrency company Metaplanet, with a target price of 2,400 yen. The company recently purchased 5,419 bitcoins at an average price of $116,700 per coin, with a total value of approximately $632.5 million, setting a new record for a single purchase. After this acquisition, Metaplanet's total bitcoin holdings reached 25,555 coins, making it the fifth largest publicly listed company in the world by bitcoin holdings. Despite the company's stock price recently dropping by 40%, the analyst believes that the bitcoin reserve strategy remains viable and is optimistic about its unique advantage in generating recurring income through derivatives. The company also announced the establishment of a subsidiary in Miami, with an initial investment of $15 million, focusing on the development of bitcoin financial products.