Metaplanet commits 2,100 BTC to launch US treasury

Metaplanet has agreed to invest 2,100 Bitcoin and $2.5 million in Nasdaq-listed Super League Enterprise, securing a 95.7% stake and creating a U.S. Bitcoin treasury company called Superplanet. Summary Metaplanet will invest about $134.6 million through 2,100 BTC and $2.5 million in cash. Super League will become Superplanet and trade under the proposed Nasdaq ticker SUPA. Metaplanet will control five of nine board seats while locking its shares for five years. Super League shares climbed as much as 127% following the transaction announcement. According to a joint company announcement published on Aug. 18, the proposed private placement will give Metaplanet 44,859,400 newly issued Super League shares at $3 each, along with preferred stock and warrants. The initial investment is valued at about $134.6 million, based on Bitcoin’s closing price on Coinbase at 4 p.m. New York time on Aug. 14. Metaplanet said the share count has been fixed and will not change with Bitcoin’s price before the transaction closes. Once the deal is complete, Metaplanet will own about 95.7% of Superplanet’s outstanding common stock. Its ownership would stand at approximately 93.6% if Super League’s existing pr...