Metaplanet, a company listed in Tokyo and ranked among the largest corporate Bitcoin holders globally, is making strides into the U.S. market by investing in a Nasdaq-listed Bitcoin treasury firm with a contribution of 2,100 BTC.
The announcement on Tuesday revealed that Metaplanet will provide coins valued at approximately $132.1 million, along with an additional $2.5 million in cash, to Super League Enterprise, a gaming media entity, in return for equity, preferred shares, and warrants.
Following this transaction, Super League will undergo a rebranding to become Superplanet, Inc. and will trade under the ticker SUPA. It will operate as a wholly owned subsidiary of Metaplanet while maintaining its advertising operations as a distinct division. Upon closure, anticipated in Q4, Metaplanet will control about 95.7% of Superplanet’s common stock.
The CEO of Metaplanet, Simon Gerovich, emphasized the significance of this move in order to engage with the most substantial capital market worldwide. He noted that Metaplanet is internally funding this initiative using its Bitcoin holdings while securing its shares to enhance a unified Bitcoin investment across two public entities. Currently, the firm possesses 43,000 BTC, positioning it as the third-largest corporate Bitcoin holder according to the statement.
Market analysts have highlighted how this transaction is distinct from the recent trend of shell and PIPE treasury transactions seen in the past 18 months. Mark Palmer of Benchmark-StoneX, who recommends Metaplanet as a buy, pointed out that the financing for this deal is coming directly from Metaplanet’s Bitcoin reserves rather than from discounted third-party funds.
Palmer noted that the share count was fixed on August 14 and will not fluctuate with Bitcoin’s market price before the closing. The equity agreement was established based on Super League’s previous close instead of a discounted arrangement, and Metaplanet’s shares are subject to a five-year lock-up. He referred to the firm as employing “the Strategy of Japan” in leveraging the Bitcoin treasury model amid a market characterized by negative real interest rates and a depreciating yen.
This development signifies Metaplanet’s aspirations beyond merely accumulating assets. Recently, the firm acquired a Japanese securities firm to introduce Bitcoin yield products, launched Bitcoin-backed “Bitbonds, and previously announced intentions to establish a U.S. subsidiary with a $250 million Bitcoin strategy.
Superplanet aims to generate its own Bitcoin-per-share metrics following the finalization of this agreement.