Japan's Metaplanet launching U.S. bitcoin treasury company through $135 million nanocap deal
The deal involves Metaplanet contributing 2,100 bitcoin and $2.5 million in cash, valuing the initial investment at $134.6 million.
Japanese bitcoin treasury firm Metaplanet (3350) is set to acquire a majority stake in Super League Enterprise (SLE), a Nasdaq-listed gaming-media company, in a $135 million deal. Metaplanet would gain a 95.7% ownership, transforming SLE into its U.S. bitcoin treasury platform. The investment includes 2,100 bitcoins valued at $132.1 million and $2.5 million in cash for 44.9 million common shares, each priced at $3.
Super League, currently valued at about $5 million, will be renamed Superplanet and trade under the ticker SUPA. The deal comes after the 2025 digital-asset treasury boom saw most major bitcoin-holding companies trading below the value of their holdings. Metaplanet will also receive 10-year warrants for up to 381 million additional shares, with exercise prices ranging from $3 to $33.50.
Existing Super League shareholders would own around 4.3% of the company post-merger, while Metaplanet would hold 95.7%. The companies plan to use bitcoin as collateral for future preferred stock offerings, with Superplanet's operating income and cash flows covering dividends. The transaction is expected to close in the fourth quarter, with Metaplanet's CEO Simon Gerovich contributing less than 5% of the investment, retaining the right to add another $210 million through non-convertible preferred stock over the next 24 months.
Superplanet's leadership will be led by SLE's CEO Matthew Edelman, with Metaplanet appointing five directors to the Superplanet board. The deal is expected to close in the fourth quarter.
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