The Third-Largest Corporate Holder Of Bitcoin Wants To Enter The US Market By Investing 2,100 BTC In Super League

Metaplanet (MTPLF), the third-largest publicly listed corporate Bitcoin (BTC) holder, announced on Tuesday that it would invest 2,100 BTC worth more than $132 million and $2.5 million in cash into Nasdaq (NDAQ) listed Super League Enterprise (SLE) in a deal that would create a dual-listed Bitcoin treasury platform.The 2,100 BTC represented about 4.9% of its total holdings of 43,000 BTC, Metaplanet said. The company said the share count was set based on the closing price of Bitcoin on the Coinbase (COIN) Exchange at 4 p.m. Eastern Time (ET) on August 14 and will not be adjusted between now and close.Super League will change its name to Superplanet Inc. and its ticker to SUPA upon closing. The deal is expected to close in the fourth quarter, pending stockholder approval and regulatory processes in the U.S. and Japan.Metaplanet holds 43,000 Bitcoin. On Stocktwits, the retail sentiment around  moved to the ‘neutral’ from the ‘bullish’ zone, while chatter around it shifted to ‘high’ from ‘normal’ over the past day.Deal TermsIn return for the investment, Metaplanet will receive 44,859,400 shares of Super League common stock at $3 per share, 100 shares of convertible perpetual preferred stock and 10-year warrants to purchase up to 381 million additional Super League shares at exercise prices ranging from $3 to $33.50 across four tranches. Another investor, Evo Fund, will receive warrants for up to 10 million shares.Metaplanet will also have the right to subscribe for up to $210 million of non-convertible junior liquidity preferred stock over 24 months after closing.After completion of the transaction, Metaplanet would hold more than 95% of Superplanet’s outstanding common stock, or approximately 93.6% assuming exercise of existing pre-funded warrants. All shares issued to Metaplanet will be subject to a 5-year lock-up period.Leadership And StrategySuperplanet will be chaired by Metaplanet CEO Simon Gerovich, with a nine-director board will have five designated members by Metaplanet. Super League CEO Matthew Edelman will remain as chief executive of Superplanet.Gerovich said the deal was about building across two capital markets simultaneously. Edelman said the transaction was the beginning of a new model for how a public company can build long-term shareholder value around Bitcoin.Superplanet's Bitcoin will serve as collateral for any potential future issuances of perpetual preferred stock, which the companies said will be permanent equity capital with no maturity or scheduled repayment, designed to limit long-term dilution for common stockholders. was trading at around $64,725, up over 1% in the past 24 hours. On Stocktwits, retail sentiment around BTC moved to the ‘neutral’ zone from the ‘bearish’ zone, while chatter remained at 'normal' levels over the past day.