Balance

Metaplanet

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Arkham

<p>Super League shareholders approved a deal on Monday that gives Japanese Bitcoin treasury firm Metaplanet a 93.7% stake in the Nasdaq-listed gaming and digital media company. Metaplanet pays with 2,100 BTC and $2.5 million in cash. Super League will be renamed Superplanet and trade as SUPA.</p>
<h3 id="what-the-deal-contains">What the Deal Contains</h3>
<p>Metaplanet receives 44.86 million common shares, 100 convertible perpetual preferred shares with governance rights, and 10-year warrants. It can appoint a majority of the board and approve major corporate decisions. Its common shares carry a five-year lock-up.</p>
<p>The share price was fixed at $3.00 using Bitcoin’s closing price on August 14. That valued the coins at about $132.1 million. At today’s price near $81,900, the same 2,100 BTC is worth roughly $172 million.</p>
<p>The stake is lower than the roughly 95.7% announced in August. Shareholders approved up to 435.9 million new shares across agreements involving Metaplanet and Evo Fund. The 2,100 BTC is under 5% of Metaplanet’s holdings.</p>
<h3 id="the-financing-plan">The Financing Plan</h3>
<p>Superplanet plans to fund Bitcoin purchases mainly through senior, non-convertible perpetual preferred shares rather than debt. Metaplanet can also invest up to $210 million in junior preferred stock. The goal is to raise Bitcoin per share. Closing is expected in the fourth quarter, subject to Nasdaq approval.</p>
<p>Super League’s advertising business will keep running as a separate segment under CEO Matthew Edelman. The deal gives Metaplanet dollar funding next to its yen-based financing in Japan.</p>
<h3 id="how-metaplanet-got-here">How Metaplanet Got Here</h3>
<p>Metaplanet began as a Tokyo-listed hotel business and started buying Bitcoin in 2024. In 2025 it raised its targets to 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. In September 2025 it made its largest purchase, 5,419 BTC for $632.5 million at an average of $116,724.</p>
<p>Bitcoin then fell. In August it traded near $63,900, about half its peak. Arkham data showed Metaplanet sitting on an unrealized loss of about $1.4 billion. First-half results showed a ¥182.8 billion net loss, driven largely by a non-cash Bitcoin valuation loss.</p>
<p>On August 12 and 13, Metaplanet moved 5,014 BTC between its own custodial addresses, and CEO Simon Gerovich said no coins were sold. Strategy’s sale of 6,948 BTC this year had fed the speculation. Metaplanet announced the Super League deal on August 18. Super League shares jumped as much as 80% that day before settling near 50% higher.</p>
<h3 id="pressure-on-metaplanet%E2%80%99s-balance-sheet">Pressure on Metaplanet’s Balance Sheet</h3>
<p>The stock has struggled. It has fallen about 90% from its peak. A discounted share price makes new equity expensive, because issuing shares below Bitcoin’s net value cuts each holder’s Bitcoin exposure.</p>
<p>On October 13, Metaplanet announced ¥52 billion ($329 million) in zero-coupon convertible bonds due in 2031. About ¥23.6 billion repays Bitcoin-backed loans, and ¥28.3 billion goes to buybacks. The loan-to-value ratio had reached 17.7%, above the company’s 10% internal limit.</p>
<p>Metaplanet acknowledged the swap does not immediately reduce total liabilities. Conversion could also dilute shareholders. Earlier this month it also proposed putting up to 15% of assets into strategic investments to fund Bitcoin purchases and dividends.</p>
<h3 id="what-works-and-what-does-not">What Works and What Does Not</h3>
<p>The structure has real strengths. Metaplanet uses its own Bitcoin rather than discounted third-party money, and the equity was priced near Super League’s market price without a discount. The lock-up keeps Metaplanet committed. Preferred shares give it a second market for raising cash.</p>
<p>The risks are equally concrete. Preferred dividends are fixed payments that continue when Bitcoin falls. Warrants for up to 381 million shares add dilution potential. Super League is a small company with a modest ad business, so the vehicle’s value rests almost entirely on investor demand for its preferred stock.</p>
<p>The deal also leaves a gap in Metaplanet’s own plan. It holds about 44,000 BTC, less than half of its 100,000 BTC target for the end of 2026. That target now looks out of reach, and new funding sources matter more than the original timeline.</p>
<h3 id="where-metaplanet-stands-today">Where Metaplanet Stands Today</h3>
<p>Metaplanet holds 44,000 BTC, making it the second-largest public corporate holder behind Strategy. Bitcoin trades near $81,900 after rejection at $83,000. That is well above the August low but still far below the 2025 prices Metaplanet paid for much of its stack.</p>
<p>Superplanet will publish its own Bitcoin-per-share figures after closing. That number will show whether the US vehicle adds Bitcoin faster than it adds shares. It will decide whether this deal strengthens the model or only adds another layer to it.</p>

Metaplanet Wins Shareholder Approval to Take 93.7% of Super League for 2,100 BTC

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