Superplanet targets $16B Bitcoin-backed preferred stock market with Metaplanet’s backing

Metaplanet, the Japanese company that has quietly amassed roughly 43,000 BTC, is making its loudest move yet: acquiring a Nasdaq-listed gaming company, renaming it Superplanet, and using it as a launchpad to tap the US preferred stock market with Bitcoin-backed securities. The deal involves 2,100 BTC and $2.5 million in cash flowing into Super League Enterprise (SLE), giving Metaplanet approximately 95.7% ownership of the renamed entity. The $16 billion figure refers to the existing US Bitcoin-treasury preferred securities market that Superplanet intends to compete in. How the deal works The 2,100 BTC being invested, roughly 4.9% of Metaplanet’s total holdings, will sit in a five-year lock-up. That locked Bitcoin serves as collateral for potential future perpetual preferred stock issuances in the US market. Perpetual preferred stock is a hybrid instrument that sits between debt and equity. Holders get fixed dividend payments like a bond, but the security never matures. For companies, it’s a way to raise capital without diluting common shareholders, which is exactly the pitch Metaplanet is making. Metaplanet has also secured rights to invest up to an additional $210 million in junio...