Super League shareholders approved an investment under which Metaplanet would take control of the company with a contribution of 2,100 Bitcoin and $2.5 million in cash, and create a publicly traded Bitcoin treasury platform in the U.S.
According to Wu Blockchain, the approval covers the issuance of new shares and warrants for the investment and changing Super League’s name to Superplanet. This marks a significant step in Metaplanet’s plan to conduct Bitcoin treasury operations through a U.S.-listed company.
Majority control in exchange for 2,100 Bitcoin
At closing, Metaplanet is expected to contribute 2,100 BTC and $2.5 million in cash to the company. Once the transaction is complete, Metaplanet is expected to hold approximately 93.7% of Super League’s common shares.
Superplanet will be positioned as Metaplanet’s publicly traded Bitcoin treasury platform in the U.S. The announcement concerns shareholder approval; the Bitcoin and cash contribution, along with the expected ownership stake, are subject to closing of the transaction.
$3.4 billion in potential additional capital
The warrants tied to the agreement give their holders the right to purchase shares under certain conditions. If these rights are exercised, they could provide the company with up to approximately $3.4 billion in additional equity.
As a result, the size of the agreement is not limited to the initial Bitcoin and cash contribution; its future financing capacity will depend on the extent to which the warrants are exercised.
Not investment advice.