Japanese firm Metaplanet will convert Nasdaq-listed Super League into a U.S. bitcoin treasury platform via a $134.6 million investment.
Metaplanet will take a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) for $134.6 million, creating a U.S.-based bitcoin treasury platform. The deal includes 2,100 bitcoin, valued at $132.1 million, and $2.5 million in cash for 44.9 million shares at $3 each.
SLE, currently valued at roughly $5 million, will be renamed Superplanet and trade under the ticker SUPA. Shares surged over 70% to $5.20 following the announcement. The move follows a broader downturn in digital-asset treasury firms, many of which trade below their bitcoin holdings.
The new entity will retain SLE’s existing business while using bitcoin for future preferred-stock offerings.