Japan's Metaplanet Plants Its Flag in the US With $132M Bitcoin Treasury Deal

In brief

• Metaplanet agreed to contribute 2,100 BTC (~$132.1 million) plus $2.5 million in cash to Nasdaq-listed Super League Enterprise in exchange for stock, preferred shares and warrants, renaming it Superplanet (ticker: SUPA).
• The deal marks Metaplanet's first operating foothold outside Japan; CEO Simon Gerovich cast it as a way to compound a single group Bitcoin position.
• Benchmark-StoneX's Mark Palmer, who rates Metaplanet a buy and calls it "the Strategy of Japan," said the deal stands out from recent shell-and-PIPE treasury deals because it's funded with Metaplanet's own Bitcoin.

Metaplanet, the Tokyo-listed firm that became one of the world's largest corporate Bitcoin holders, is expanding to the United States, agreeing to seed a Nasdaq-listed Bitcoin treasury company with 2,100 BTC.

Under the deal announced Tuesday, Metaplanet will contribute the coins, worth roughly $132.1 million, plus $2.5 million in cash, to Super League Enterprise, a gaming media company, in exchange for stock, preferred shares and warrants.

Super League will be renamed Superplanet, Inc. and trade under the ticker SUPA, becoming a consolidated Metaplanet subsidiary while keeping its existing advertising business running as a separate segment. Metaplanet will own about 95.7% of Superplanet's common stock at closing, expected in the fourth quarter.