Super League To Rebrand Into Superplanet With Metaplanet’s 2,100 Bitcoin And Cash Backing
Super League will rebrand to Superplanet upon completion of its definitive agreement withMetaplanet. Metaplanet’s strategic investment in Superplanet involves a 2,100Bitcoinbacking and $2. 5 million in cash. . .
Super League will rebrand to Superplanet upon completion of its definitive agreement withMetaplanet. Metaplanet’s strategic investment in Superplanet involves a 2,100Bitcoinbacking 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 aconsolidated subsidiaryof 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. 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. 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 fromStrategy’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 inflowsfollowing days of net outflows. The latest fluctuations brought Metaplanet’s Bitcoin holdings between $2. 75 billion and $2. 79 billion. What’s your Reaction?+13+10+10+10+13+10+10Giancarlo PerlasGiancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, tokenization, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc. , the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.