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Metaplanet to take near-control of Super League in $134.6 million deal

The Japan-based Bitcoin treasury firm will pay $2.5 million plus 2,100 BTC for 44.9 million Super League shares at $3 each, targeting about 95.7% common-stock control at closing.

Reported · Written up by our desk · Market Structure

Metaplanet has agreed to invest $134.6 million to take near-total control of Nasdaq-listed Super League Enterprise, a move that would reshape the company’s structure and position it for a Bitcoin-focused expansion, according to CryptoSlate. Under the deal announced Aug. 18, Metaplanet will contribute 2,100 Bitcoin and $2.5 million for 44.9 million Super League shares priced at $3 each. The transaction is designed to leave Metaplanet with about 95.7% of Super League’s common stock under the base capitalization and board control, while existing common shareholders would retain about 4.3% after the closing. If the transaction completes, Super League would become a Metaplanet subsidiary, rename itself Superplanet, and attempt to trade under the ticker SUPA, subject to shareholder approval and Nasdaq requirements. The companies expect closing in the fourth quarter, with a termination date of Dec. 31 and an option to extend to March 31, 2027. CryptoSlate also notes that while much of the capital behind Superplanet’s broader Bitcoin strategy is linked to later financing, Metaplanet will receive 10-year warrants to buy up to 381 million additional shares with exercise prices ranging from $3 to $33.50, and it may also invest up to $210 million via a 24-month option for nonconvertible perpetual preferred shares. The outlet adds that those warrant proceeds, if fully exercised at initial prices, are estimated to total about $3.38 billion, but would not be available at closing.

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