Metaplanet's Bitcoin Contribution Valued at $179 Million as U.S. Gaming Firm Seeks Shareholder Approval

Nasdaq-listed gaming advertising company Super League Enterprise filed supplemental proxy materials with the U.S. Securities and Exchange Commission (SEC) on the 6th, seeking shareholder approval for its integration transaction with Tokyo Stock Exchange-listed Metaplanet. In a letter signed by Chairman and CEO Matt Edelman, the company disclosed that the 2,100 Bitcoin (BTC) contributed in-kind by Metaplanet had reached a valuation of approximately $179 million (approximately ¥28 billion) as of October 2.

This valuation represents an increase of approximately $47 million (approximately ¥7.4 billion) from the roughly $132 million (approximately ¥21 billion) figure at the time the transaction was announced in August. Based on Coinbase's closing price at 4:00 p.m. New York time, the figure underscores how sharply Bitcoin's price has risen in just seven weeks since the announcement. In the letter, Edelman characterized the transaction as "the most significant transaction" in the company's history and strongly urged shareholders to vote in favor.

Transaction Overview

The integration was announced on August 18. Metaplanet will contribute 2,100 BTC in-kind through a wholly owned U.S. subsidiary, along with $2.5 million (approximately ¥400 million) in cash. Upon completion, Metaplanet is expected to hold approximately 95.7% of Super League's outstanding common stock, making the company a consolidated subsidiary. The letter describes Metaplanet as the world's third-largest corporate Bitcoin holder (as of August 18).