Metaplanet to Gain Control of Super League with $134.6 Million Investment

Metaplanet is poised to take near-total control of Nasdaq-listed Super League Enterprise with a $134.6 million investment. This deal, announced on August 18, involves Metaplanet contributing 2,100 Bitcoin and $2.5 million for 44.9 million shares of Super League priced at $3 each. If finalized, Metaplanet will hold approximately 95.7% of the company’s common stock.

According to the SEC filing, Super League will be rebranded as Superplanet and aims to trade under the ticker SUPA. Existing shareholders will be left with about 4.3% of the company, which could decrease further if outstanding warrants are exercised.

Simon Gerovich, CEO of Metaplanet, explained that the strategy operates on two fronts: Superplanet will raise capital in the U.S., while Metaplanet will do so in Japan, both feeding into a unified Bitcoin position. This dual-market approach aims to enhance Bitcoin value per share for both entities.

While Metaplanet is the third-largest Bitcoin holding company with 43,000 BTC, much of the potential funding tied to the deal remains conditional. The firm will receive 10-year warrants to buy up to 381 million additional shares at prices ranging from $3 to $33.50, potentially generating about $3.38 billion for Superplanet, but these funds will not be available immediately upon closing the acquisition.

Furthermore, Metaplanet has a 24-month option to invest up to $210 million through nonconvertible perpetual preferred shares, which could provide additional capital for Bitcoin purchases. However, existing shareholders will bear most of the dilution as Metaplanet takes control, while the capital needed to expand Superplanet’s Bitcoin strategy depends on future exercises of warrants or additional securities offerings.