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BTC Metaplanet enters the United States, injecting 2100 bitcoins into Nasdaq-listed company
Tokyo-listed company Metaplanet-one of the world's largest corporate bitcoin holders-is expanding its business into the United States. The company has reached an agreement to inject 2100 bitcoins into a Nasdaq-listed Bitcoin treasury company.
Transaction details
Under the agreement announced on Tuesday, Metaplanet will inject approximately $132.1 million worth of bitcoin, plus $2.5 million in cash, into game media company Super League Enterprise in exchange for its shares, preferred shares and warrants. Super League will be renamed Superplanet, Inc., The ticker symbol was changed to SUPA to become a merged subsidiary of Metaplanet, while retaining its existing advertising business to operate as a separate segment. Upon completion of the transaction, Metaplanet will hold approximately 95.7% of Superplanet's common shares and is expected to complete delivery in the fourth quarter.
Strategic Intention
Metaplanet CEO Simon Gerovich said the move is aimed at tapping into the world's deepest capital markets. He pointed out that Metaplanet injected and locked in its own bitcoin shares, backed by the company's balance sheet, thereby superimposing a single group's bitcoin position on two listing platforms. The announcement shows that the company currently holds 43,000 bitcoins, ranking third among corporate holders.
Analyst Reviews
Analysts pointed out that the deal is different from the wave of shell company and private equity public equity (PIPE) treasury transactions that have emerged in the past year and a half. Benchmark-StoneX's Mark Palmer, who gave Metaplanet a "buy" rating, noted that the company was using Bitcoin on its own balance sheet to fund transactions rather than raising third-party funds at a discount. Palmer pointed out that the number of shares has been fixed on August 14 and will not float with the Bitcoin price before delivery; the equity is priced close to the previous Super League closing price rather than a negotiated discount; and Metaplanet's shares have a five-year lock-up period. Palmer described the company as a "Japanese version of Strategy" because of its Bitcoin treasury strategy in markets with negative real interest rates and a weak yen.
Future layout
This move deepens Metaplanet's ambition to transcend mere hoarding. Recently, the company acquired a Japanese securities company to launch bitcoin income products and launched bitcoin-backed "Bitbonds". It also previously revealed plans to establish a US subsidiary and develop a US$250 million Bitcoin strategy. After the transaction is completed, Superplanet plans to release a measure of its bitcoin holdings per share.
