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Metaplanet Acquires Nasdaq Shell to Launch Bitcoin-Backed Preferred Stock Platform
Metaplanet, a Japanese company recognized as the third-largest corporate holder of Bitcoin, is making a significant move by acquiring a Nasdaq-listed gaming company, which will be renamed Superplanet. The acquisition involves an investment of 2,100 BTC and $2.5 million in cash, resulting in Metaplanet obtaining approximately 95.7% ownership of the newly branded entity. This initiative aims to enter the $16 billion US market for Bitcoin-backed preferred securities.
The 2,100 BTC, representing about 4.9% of Metaplanet's total Bitcoin holdings, will be locked up for five years and will serve as collateral for future perpetual preferred stock issuances. Perpetual preferred stock offers fixed dividend payments similar to bonds, while allowing companies to raise capital without diluting common shareholders. Metaplanet has also secured the option to invest an additional $210 million in junior preferred stock over the next two years.
Simon Gerovich, the CEO of Metaplanet, will lead Superplanet's board, with the transaction expected to finalize in the fourth quarter of 2026, subject to shareholder and regulatory approvals. The existing operations of Super League, the gaming company being acquired, will continue under the Superplanet brand. This dual-exchange presence aims to attract different investor pools, leveraging the distinct regulatory environments of Tokyo and Nasdaq.
Source: KLEA News