Buying influence in a Nasdaq-listed company with Bitcoin
It sounds like a joke,
but shareholders have already voted it through đ
Super League shareholders approved Metaplanetâs investment at the annual meeting on October 16.
Through its U.S. subsidiary, Metaplanet will contribute 2,100 BTC
plus $2.5 million in cash
in exchange for 44.8594 million common shares at $3 per share,
as well as preferred shares and warrants.
After closing, the company will be renamed Superplanet
and its ticker will change to SUPA.
Its existing advertising and media businesses will continue,
while its BTC treasury becomes a second growth engine.
What Iâm watching is the price gap in the middle.
When the 2,100 BTC were priced on August 14, they were worth about $132.1 million.
By October 16, they were worth about $170 million.
The deal hasnât even closed,
but the value on paper has already risen by about $38 million.
Thatâs the double-edged sword of using crypto as acquisition consideration.
When prices rise, the buyerâs contribution automatically becomes more valuable.
When they fall, the deal may not have closed yet,
but the consideration has already shrunk.
Itâs a very different risk from an all-cash acquisition.
Treasury stories used to be about companies buying crypto.
Now theyâre using crypto to buy companiesâand a foothold in the U.S. capital markets.
The deal is expected to close in the fourth quarter of this year,
but it still depends on whether the relevant Nasdaq filings go through smoothly.
Do you think crypto-denominated acquisitions like this will become more common?
Or are they only suited to players like Metaplanet that already have large crypto holdings?
$BTC #æŻçčćž #Metaplanet #CorporateTreasury
Not investment advice. DYOR. Trading involves risk.
It sounds like a joke,
but shareholders have already voted it through đ
Super League shareholders approved Metaplanetâs investment at the annual meeting on October 16.
Through its U.S. subsidiary, Metaplanet will contribute 2,100 BTC
plus $2.5 million in cash
in exchange for 44.8594 million common shares at $3 per share,
as well as preferred shares and warrants.
After closing, the company will be renamed Superplanet
and its ticker will change to SUPA.
Its existing advertising and media businesses will continue,
while its BTC treasury becomes a second growth engine.
What Iâm watching is the price gap in the middle.
When the 2,100 BTC were priced on August 14, they were worth about $132.1 million.
By October 16, they were worth about $170 million.
The deal hasnât even closed,
but the value on paper has already risen by about $38 million.
Thatâs the double-edged sword of using crypto as acquisition consideration.
When prices rise, the buyerâs contribution automatically becomes more valuable.
When they fall, the deal may not have closed yet,
but the consideration has already shrunk.
Itâs a very different risk from an all-cash acquisition.
Treasury stories used to be about companies buying crypto.
Now theyâre using crypto to buy companiesâand a foothold in the U.S. capital markets.
The deal is expected to close in the fourth quarter of this year,
but it still depends on whether the relevant Nasdaq filings go through smoothly.
Do you think crypto-denominated acquisitions like this will become more common?
Or are they only suited to players like Metaplanet that already have large crypto holdings?
$BTC #æŻçčćž #Metaplanet #CorporateTreasury
Not investment advice. DYOR. Trading involves risk.