Metaplanet received a "Buy" rating from Benchmark, remaining optimistic about its Bitcoin strategy despite a significant drop in stock price

ChainCatcher news, according to The Block, Benchmark Equity Research has reiterated its "buy" rating for the Japanese Bitcoin vault company Metaplanet, with a target price of 2400 yen, despite its stock price dropping 40% in recent months.

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 traded company holder of Bitcoin globally. The company has also established a subsidiary in the United States, focusing on Bitcoin-related financial products.