Metaplanet Invests 2,100 BTC in Super League to Build U.S.-Listed Treasury Platform
Updated
Updated · Yahoo Finance · Aug 18
Metaplanet Invests 2,100 BTC in Super League to Build U.S.-Listed Treasury Platform
3 articles · Updated · Yahoo Finance · Aug 18
Summary
Metaplanet will put 2,100 BTC—worth more than $132 million—and $2.5 million in cash into Nasdaq-listed Super League Enterprise, marking the Japanese firm's push into the U.S. market.
The deal would create a dual-listed Bitcoin treasury platform, with Super League renaming itself Superplanet Inc. and changing its ticker to SUPA when the transaction closes, expected in Q4.
At $3 a share, Metaplanet will receive 44,859,400 common shares, preferred stock and 10-year warrants for up to 381 million more shares; it would own more than 95% of Superplanet after closing.
The 2,100 BTC equals about 4.9% of Metaplanet's 43,000-BTC holdings, while the company also secured rights to subscribe for up to $210 million of junior preferred stock over 24 months.
Simon Gerovich, Metaplanet's CEO, will chair Superplanet and control five of nine board seats, while current Super League CEO Matthew Edelman will stay on as chief executive.