- Super League will rebrand to Superplanet upon completion of its definitive agreement with Metaplanet.
- Metaplanet’s strategic investment in Superplanet involves a 2,100 Bitcoin backing and $2.5 million in cash funding.
Super League Enterprise, Inc. (SLE), a Santa Monica-based immersive gaming and media platform company, has announced rebranding to “Superplanet, Inc.” on Tuesday. The move will reflect its transition as a consolidated subsidiary of Metaplanet Inc. (MPJPY), a Tokyo Stock Exchange-listed public Bitcoin (BTC) treasury company.
Superplanet will receive significant backing from Metaplanet in Bitcoin and cash, worth approximately $134.6 million under the definitive agreement.
Metaplanet’s Proposed Strategic Investment in Superplanet
According to the parties’ press release, Metaplanet proposed investing 2,100 BTC in Superplanet, which it estimated to be worth roughly $132.1 million at $62,900 per BTC at the time of the agreement. The Tokyo-listed company also plans to inject $2.5 million in cash into the Santa Monica firm.
In return, Superplanet will issue 44,859,400 shares of its common stock to Metaplanet at $3 per share, plus shares of preferred stock and warrants. It will lead to the latter gaining roughly 95.7% control of the former’s issued and outstanding common stock, or approximately 93.6% if it exercises outstanding pre-funded warrants.
The strategic investment will transform Superplanet into Metaplanet’s Bitcoin treasury platform in the US. However, the latter clarified that the proposed deal is neither a reverse takeover nor a Special Purpose Acquisition Company (SPAC) transaction. Hence, Superplanet will remain listed on Nasdaq as Super League and will continue to operate its gaming media business.
If the deal materializes, Metaplanet will be tied to a five-year lockup on its investment in Superplanet. The arrangement indicates a long-term commitment by one of the world’s largest corporate Bitcoin holders.
While Metaplanet’s Bitcoin treasury platform gains exposure on both the Nasdaq Capital Market and the Tokyo Stock Exchange (TSE), Superplanet stands to gain significantly from the deal, as it can grow its business with the support of Metaplanet’s balance sheet, capital allocation expertise, and established track record.
Latest Update on Metaplanet’s Bitcoin Treasury
Metaplanet’s aggressive Bitcoin accumulation has earned it the moniker “Japan’s MicroStrategy.” To date, it maintains 43,000 BTC, making it the third-largest public company by Bitcoin holdings. It sits next to Twenty One Capital’s (XXI) 43,514 BTC stash, but both remain a far cry from Strategy’s (MSTR) massive 840,447 BTC portfolio.
Over the last 24 hours, Bitcoin traded between $63,980.32 and $64,987.71 as the Bitcoin Exchange-Traded Fund (ETF) market recovered on Monday with $297.5 million in net inflows following days of net outflows. The latest fluctuations brought Metaplanet’s Bitcoin holdings between $2.75 billion and $2.79 billion.
