Metaplanet’s US Bitcoin treasury bet could unlock up to $3.4 billion, but there’s a catch

Metaplanet is set to take near-total control of Nasdaq-listed Super League Enterprise with a $134.6 million investment, while most of the billions of dollars tied to the deal would remain dependent on future financing decisions.

On Aug. 18, the Japan-based Bitcoin treasury company said it agreed to contribute 2,100 Bitcoin and $2.5 million for 44.9 million Super League shares priced at $3 each. The transaction would give Metaplanet about 95.7% of the company’s common stock under the base capitalization and board control.

According to the SEC filing, Super League would become a Metaplanet subsidiary, rename itself Superplanet, and seek to trade under the ticker SUPA if the transaction closes.

The firm's existing common shareholders would be left with about 4.3% of the company, falling further on a fully diluted basis if outstanding pre-funded warrants are exercised.

Simon Gerovich, Metaplanet CEO, said:

“The strategy now runs on two engines. Superplanet raises in America. Metaplanet raises in Japan. Both feed a single Bitcoin position that never leaves the group. When Superplanet raises capital without adding common shares, Bitcoin per share rises there and at Metaplanet at the same time. Two markets, two currencies, two investor bases, one balance sheet compounding.”