Metaplanet takes Super League stake for US Bitcoin treasury Superplanet

Superplanet (Nasdaq: SLE) opened trading hot on Tuesday, August 18, after Metaplanet revealed its plan to take over roughly 95.7% stake in Super League Enterprise’s (Nasdaq: SLE) business in exchange for 2,100 Bitcoin and $2.5 million in cash.

The deal closed with the Nasdaq-listed gaming firm getting a rebrand as a US Bitcoin treasury company, with the backing of the third-largest corporate holders of the asset. Once the transaction closes, Superplanet will drop the Super league era SLE ticker for its new SUPA label.

Metaplanet and Super Planet have gone out of their way to emphasize that they are entering a private placement of new securities into an existing firm, which is different from a reverse takeover or a SPAC deal.

How Metaplanet entered the US

The agreement with Super League (Nasdaq: SLE) gave Metaplanet a route into the United States. That way, the Simpn Gerovich-led firm gains a second listed vehicle in a different currency and under a different regulator.

For the deal to go through, the Japanese firm put up 2,100 BTC (4.9% of its 43,000 BTC stack), valued at about $132.1 million, and another $2.5 million in cash in exchange for 44,859,400 newly issued Super League shares priced at $3.00 per share. Metaplanet also received preferred stock and warrants.

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