Metaplanet, the Tokyo-listed firm that became one of the world's largest corporate Bitcoin holders, is expanding to the United States, agreeing to seed a Nasdaq-listed Bitcoin treasury company with 2,100 BTC.
Under the deal announced Tuesday, Metaplanet will contribute the coins, worth roughly $132.1 million, plus $2.5 million in cash, to Super League Enterprise, a gaming media company, in exchange for stock, preferred shares and warrants.
Super League will be renamed Superplanet, Inc. and trade under the ticker SUPA, becoming a consolidated Metaplanet subsidiary while keeping its existing advertising business running as a separate segment. Metaplanet will own about 95.7% of Superplanet's common stock at closing, expected in the fourth quarter.
Metaplanet CEO Simon Gerovich framed the move as a way to tap the world's deepest capital market, saying Metaplanet is putting in its own Bitcoin, locking up its shares and backing the company with its balance sheet to compound a single group Bitcoin position across two listed platforms. The firm currently holds 43,000 BTC, ranking it the third-largest corporate holder, according to the announcement.
Analysts flagged what sets the transaction apart from the wave of shell-and-PIPE treasury deals of the past year and a half. Mark Palmer of Benchmark-StoneX, who rates Metaplanet a buy, noted the company is funding the deal with Bitcoin off its own balance sheet rather than third-party money raised at a discount.
#metaplanet #Bitcoin
Under the deal announced Tuesday, Metaplanet will contribute the coins, worth roughly $132.1 million, plus $2.5 million in cash, to Super League Enterprise, a gaming media company, in exchange for stock, preferred shares and warrants.
Super League will be renamed Superplanet, Inc. and trade under the ticker SUPA, becoming a consolidated Metaplanet subsidiary while keeping its existing advertising business running as a separate segment. Metaplanet will own about 95.7% of Superplanet's common stock at closing, expected in the fourth quarter.
Metaplanet CEO Simon Gerovich framed the move as a way to tap the world's deepest capital market, saying Metaplanet is putting in its own Bitcoin, locking up its shares and backing the company with its balance sheet to compound a single group Bitcoin position across two listed platforms. The firm currently holds 43,000 BTC, ranking it the third-largest corporate holder, according to the announcement.
Analysts flagged what sets the transaction apart from the wave of shell-and-PIPE treasury deals of the past year and a half. Mark Palmer of Benchmark-StoneX, who rates Metaplanet a buy, noted the company is funding the deal with Bitcoin off its own balance sheet rather than third-party money raised at a discount.
#metaplanet #Bitcoin
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