Benchmark has maintained its "Buy" rating on Metaplanet but slashed its price target by more than 50%, citing the "prospects and risks" of the company's aggressive Bitcoin accumulation strategy. Analyst Mark Palmer reduced the target price from JPY 2,400 to JPY 1,100 following the latest earnings report, which revealed a net loss of $619 million due to non-cash impairment losses on Bitcoin holdings. Despite the losses, Metaplanet's operational performance improved, with increased revenue and profits from Bitcoin-related financial services. The company, trading under the ticker MTPLF in the U.S., is leveraging Bitcoin options and yield strategies to generate income, allowing it to pay dividends on perpetual preferred shares without selling core Bitcoin assets. Investor demand for these instruments is crucial for Metaplanet's financial expansion while managing dilution risk.