- Metaplanet will be contributing 2,100 BTC valued at approximately $132.1 million to Super League.
- Super League will go under the name Superplanet, a U.S. bitcoin treasury site on the ticker SUPA.
- Following the closing of the transaction, Metaplanet will own approximately 95.7% of the Company.
Metaplanet is spearheading their Bitcoin treasury strategy with a big push into the U.S. market. The head of Japan’s Bitcoiner will attempt to fork Super League Enterprise into something named Superplanet, thus providing a second listed exchange for collecting BTC.
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Metaplanet Builds a Second Bitcoin Treasury Engine
According to the terms of the offer, Metaplanet will provide a total of 2,100 BTC and $2.5 million in cash to Super League via its U.S.-based unit Metaplanet Holdings.
The Bitcoin is worth $132.1 million and the total investment is $134.6 million. For its part, Metaplanet will cash in $3 worth of common stock valued at $3 a share for 44,859,400 shares, along with preferred stock and warrants.
Super League will be renamed to Superplanet, Inc. once the name change is complete, and will be expected to trade under the new name (SUPA). Metaplanet will acquire, through the exercise of its pre-funded warrants, around 95.7% of the common stock.
The transaction takes the form of a private placement, as opposed to a reverse or SPAC transaction. Super League’s existing gaming media business will continue operating.
One Bitcoin Position, Two Public Markets
According to the announcement, there are currently 43,000 BTCs with the wallet of Metaplanet. The company intends to split the two markets, Japan and U.S., into two independent capital raising machines, with a sole unified Bitcoin treasury.
Metaplanet will go on with raising capital in the Japanese market and Superplanet will lend its capital towards the investors in the U.S. market. Any Bitcoin mined using Superplanet will stay in the team and be added to Metaplanet’s financials.
Additionally, the company intends to examine perpetual preferred shares as another capital-raising option, rather than issuing common shares. This framework may potentially boost Bitcoin attributable to common shareholders and restrict long-term dilution, Metaplanet said.
Superplanet Gets Room to Expand Its BTC Holdings
Metaplanet will be offered the option to invest up to an additional $210 million in the sub through junior liquidity preferred stock for 24 months after closing. It will also be provided with 10-year warrants that will cover a total of 381 million common shares, each having an exercise price of between $3 and $33.50, issued in four tranches.
Metaplanet will retain ownership of the stocks for 5 years, rather than selling them off immediately if it decides to sell them. The transaction is anticipated to close in Q4 2026, on the basis of Super League stockholder approval and the requirements of the Nasdaq and other regulatory approvals in Japan and the U.S.
