Home›Crypto›Market Structure›Metaplanet to buy Super League, creating U.S. bitcoin…

Metaplanet to buy Super League, creating U.S. bitcoin treasury platform

The deal values 2,100 BTC at roughly $136 million and will give Metaplanet about 95.7% of Super League’s outstanding common stock, with a five-year lock-up on the shares.

Reported · Written up by our desk · Market Structure

Metaplanet, known as Japan’s “Strategy of Japan,” is expanding its bitcoin treasury approach into the United States through a cash-and-bitcoin deal for Nasdaq-listed Super League Entertainment, The Block reported. The transaction is designed to turn Super League into Metaplanet’s U.S. bitcoin treasury platform, with the company set to be renamed Superplanet Inc. and trade under the ticker SUPA.

Under the agreement, Metaplanet will buy 96% of Super League via a roughly $134.6 million investment, which includes purchasing 44.9 million new Super League shares at $3 each, plus preferred stock and warrants tied to 2,100 bitcoin, valued at about $136 million at current prices, along with $2.5 million in cash.

Super League shares surged as much as 80% early Tuesday, before paring back gains to around 50%, according to The Block. Metaplanet’s own shares rose a little over 4% on the news.

Analysts cited by The Block said the deal differs from recent bitcoin treasury “shell-and-PIPE” transactions because Metaplanet is using bitcoin from its own balance sheet rather than discounted third-party capital. The share count was fixed Aug. 14, the equity was priced near Super League’s Aug. 17 close without a discount, and Metaplanet shares are subject to a five-year lock-up.

Latest closeBitcoin $64,767.93 ▲0.4%|Nasdaq Comp. 26,729.16 ▼0.3%

More like this

Sources