Metaplanet deal puts ‘King of Death Spiral Financing’ on both sides
Japanese BTC treasury company Metaplanet has disclosed a deal that will put a man Bloomberg describes as “Tokyo’s King of Death Spiral Financing” on both sides of the takeover.
Metaplanet wants to take control of Nasdaq gaming company Super League Enterprise in a $135 million deal.
Once the takeover is complete, Evo Fund, a Cayman islands fund launched by Princeton graduate and former Barings trader Michael Lerch, will pick up warrants for up to 10 million Super League shares.
It also financed Metaplanet’s BTC buying in Tokyo, putting Lerch on both sides of the deal.
Moreover, Evo’s fund bought into Super League in September 2025 via a “$10 million strategic equity investment.”
That infusion helped Super League, which will change its name to Superplanet once the deal passes shareholder approval, regain compliance with Nasdaq’s equity rules.
Read more: MetaPlanet tanking 35% sparks fury: ‘Short squeeze them to Valhalla!’
Evo Fund’s warrants dilute shareholders
Japanese business press has nicknamed Lerch the “mysterious alchemist” for how his fund’s warrants dilute companies.
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