The company disclosed that Metaplanet had agreed to inject 2100 bitcoin and $2.5 million in cash into the Nasdark listed company Super League Enterprise. Upon completion of the transaction, the latter will be renamed Superplanet as its listed platform for advancing the Bitcoin Treasury in the United States.

Approximately 95.7 per cent of the trade counterpart shares

The initial investment was valued at approximately $134.6 million at 4 p.m. New York time on 14 August. Metaplanet states that the relevant shares have been locked and will not be adjusted for Bitcoin price fluctuations before delivery.

After the transaction is completed, Metaplanet is expected to hold approximately 95.7 per cent of the issued general shares of Superplanet. If Super League has full ownership of the existing pre-encumbrances, the shareholding ratio is approximately 93.6 per cent.

For the board of directors, five of the nine initial directors will be appointed by Metaplanet, including CEO Simon Gerovich, Frederick Towfgh and John H. Whitehouse III. The current four directors of Super League will remain in office.

Operating as a United States financing platform

The company disclosed that Superplanet planned to continue its original business and on that basis superseded the Bitcoin Treasury. As a company to be traded using the code SUPA, NASDAQ will provide United States investors with a stock opening of 2100 bitcoin holdings.

Metaplanet states that Superplanet will finance in the future mainly in the United States, while the parent company will continue to use the capital market in Japan. After delivery, the bitcoin held by Superplanet will remain within the consolidated statement and will continue to be included in Metaplanet ' s consolidated financial statements.

Gerovich summarized this structure as operating through two listed platforms: one in Japan and one in the United States. The company added that the Superplanet could in the future use bitcoin as a collateral base and explore the issue of financing instruments such as sustainable priority shares to raise long-term funds without increasing the number of ordinary shares.

2,100 BTCs account for 4.9 per cent of hold.

This infusion of 2100 bitcoins, approximately 4.9 per cent of the 43,000 bitcoin reserves disclosed by Metaplanet. The company stressed that this part of the bitcoin remained part of the merged group after the completion of the transaction and was not sold to external buyers.

Metaplanet previously held 2,823 bitcoins in July, raising the total hold to 43,000. In August, the market focused on the transfer of 5014 bitcoins between company-related addresses. Gerovich subsequently stated that the transfer was a regular planned transfer between the custodians and that no sale had taken place.

On the financial front, during the first half of the year, the net sales of Metaplanet increased by 13.37 per cent to 49.40 billion yen and business profits increased by 136.3 per cent to 33.33 billion yen; however, the company recorded a net loss of 18.277 billion yen over the same period, owing to non-cash losses of 184.3 billion yen resulting from changes in the book value of bitcoin.

As at 30 June, the company ' s total assets were 41.818 billion yen and its net assets 3408.8 billion yen. Medium-term performance also showed that the company had drawn $414 million from a line of credit totalling $500 million guaranteed in bitcoin. Just days before the Superplanet project was announced, Metaplanet also launched the BitBonds project through a private fund-raiser of 200 million yen, with the first bond coupons ranging from 4% to 4.3%.

Additional information:After the news was released, Super League ' s share price went up; it was also mentioned that Bitcoin had risen by about 1.2 per cent within 24 hours, reporting about $64650.