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Metaplanet to buy majority stake in Super League, launching U.S. bitcoin treasury

The $134.6 million deal would fund the new U.S. bitcoin treasury platform with 2,100 bitcoin and $2.5 million in cash, valuing the initial investment at $134.6 million.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Japan-based bitcoin treasury firm Metaplanet plans to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) for $134.6 million, creating a U.S.-based bitcoin treasury platform named Superplanet (SUPA).

As part of the transaction, Metaplanet would contribute 2,100 bitcoin, valued at $132.1 million, plus $2.5 million in cash for 44.9 million common shares priced at $3 each, along with preferred stock and warrants. Super League would be renamed Superplanet and keep its existing gaming-media business as a separate operating segment.

After closing, existing Super League holders would own about 4.3% of the company. Metaplanet would also receive 10-year warrants for as many as 381 million additional shares with exercise prices ranging from $3 to $33.50.

Metaplanet plans to use its bitcoin holdings for the initial investment and has said it could fund additional investment of up to $210 million over the next 24 months via non-convertible preferred stock. The company says Superplanet would use bitcoin as collateral for future preferred stock offerings, with operating income and other cash flows available to cover dividends.

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