Metaplanet takes 96% of Super League in 2,100 BTC, cash deal to launch US bitcoin treasury firm

Metaplanet, the so-called "Strategy of Japan," is taking a roughly 96% stake in Nasdaq-listed Super League Entertainment through a $134.6 million investment that will turn the gaming media company into its U.S. bitcoin treasury platform.

Super League shares (SLE) surged as much as 80% in the first hour of trading on Tuesday before shedding gains to around 50%. Metaplanet shares rose a little over 4%.

Benchmark analysts noted that the deal stands apart from the wave of shell-and-PIPE bitcoin treasury transactions over the past two years because Metaplanet is using bitcoin from its own balance sheet rather than discounted third-party capital. The share count was fixed Aug. 14, the equity was priced near Super League’s Aug. 17 close without a discount, and Metaplanet’s shares are subject to a five-year lock-up.

Tokyo-listed Metaplanet (MTPLF) will purchase 44.9 million new Super League shares at $3 each, plus preferred stock and warrants for 2,100 bitcoin, worth roughly $136 million at current prices, and $2.5 million in cash.

After the transaction goes through, Super League will be renamed Superplanet Inc. and trade under the ticker SUPA. Metaplanet will own approximately 95.7% of its outstanding common stock.

2,100 BTC is nearly 5% of Metaplanet's total 43,000 BTC war chest. The firm currently controls the third-largest publicly traded bitcoin treasury behind Strategy and Twenty One Capital.

"We've built one of the world's largest Bitcoin treasuries from Japan. Superplanet is how we build in America, the deepest capital market in the world," Metaplanet CEO Simon Gerovich said.

Superplanet will reportedly retain Super League's gaming media business while operating as Metaplanet's U.S.-listed bitcoin treasury. It also plans to use its bitcoin as collateral for potential perpetual preferred stock offerings, à la Strategy's STRC, with operating income used to service dividends.

The U.S. expansion follows Metaplanet's acquisition of Japanese brokerage Siiibo Securities, which it plans to use to develop bitcoin-backed fixed-income products it refers to as "Bitbonds." It's part of Metaplanet's "Project Nova" strategy to expand beyond just holding bitcoin into a company that also builds bitcoin-based financial infrastructure.

The Super League transaction is expected to close in the fourth quarter.