Catenaa, Monday, February 23, 2026- Benchmark lowered its price target for Tokyo-listed bitcoin treasury firm Metaplanet to ¥1,100 ($7.15) from ¥2,400 ($15.60) while maintaining a “buy” rating, citing mixed signals from the company’s earnings and bitcoin-focused strategy.
Metaplanet shares trade around $2.20 on U.S. over-the-counter markets under ticker MTPLF, near their lowest levels since the firm began buying bitcoin in April 2024.
The company reported a $619 million net loss for the fiscal year ended December 31, driven largely by non-cash valuation losses on bitcoin holdings after late-2025 price declines.
Revenue and operating profit, however, improved due to bitcoin-related financial services.
Benchmark emphasized Metaplanet’s Bitcoin Income Generation business, which produces revenue through options and yield strategies tied to BTC, allowing potential dividends on new perpetual preferred shares without selling core bitcoin holdings.
Metaplanet now holds 35,102 BTC, valued at roughly $2.37 billion, with an average purchase price above $107,000 per coin, creating an unrealized loss of about $1.4 billion. Analysts noted that investor appetite for preferred shares will influence the company’s ability to expand its bitcoin treasury while controlling dilution risk.
Even large holders like Strategy face substantial losses, reflecting the sector-wide impact of bitcoin volatility on corporate treasuries.
Benchmark said upside remains possible if Metaplanet successfully scales both its bitcoin holdings and income-generating operations, but warned that price swings and shareholder dilution remain significant concerns for investors.
