Super League Enterprise disclosed buying 16 BTC between Nov. 4 and Nov. 9, 2024, at an average price of $76, 892.32 per coin. That brings its disclosed purchases since October 2024 to 31 BTC, though it does not confirm the company’s current holdings. The latest purchase follows four successive doublings in the size of its batches.
- Latest batch: 16 BTC, costing about $1.23 million based on the reported average price.
- Five disclosed batches: 31 BTC in total, at a calculated average cost of about $78, 283.56 per coin.
- Separate proposed deal: Metaplanet’s planned contribution of 2, 100 BTC and $2.5 million in cash is separate from those purchases. The company announcement described below does not establish that the deal has closed.
Five purchases, four doublings
In its Nov. 9 filing, Super League reported acquiring 16 BTC between Nov. 4 and Nov. 9 at an average price of $76, 892.32. At that price, the purchase cost $1, 230, 277.12.
The company’s five disclosed batches doubled in size each time:
- Oct. 10, 2024: 1 BTC at $83, 041.40, recorded in an Oct. 13 filing.
- Oct. 16, 2024: 2 BTC at an average price of $81, 444.82.
- Oct. 22-25, 2024: 4 BTC at an average price of $80, 581.26.
- Oct. 28, Nov. 1, 2024: 8 BTC at an average price of $78, 532.14.
- Nov. 4-9, 2024: 16 BTC at an average price of $76, 892.32.
The five batches total 31 BTC. Their reported average prices imply a combined acquisition cost of about $2.43 million, or roughly $78, 283.56 per coin. The latest batch accounts for 51.6% of the disclosed volume. Its average price was 7.4% below the first purchase and 2.1% below the preceding eight-BTC batch.
The pattern stands out, but it does not prove that Super League followed a preset buying plan. The company has not explained why each batch was twice the size of the one before it, and the purchases do not amount to a forecast for Bitcoin’s price. A numerical pattern can be interesting without being a strategy.
What the disclosures show, and what they don’t
Super League has described Bitcoin as a potential treasury asset alongside cash and cash equivalents. A treasury asset is something a company holds as part of its corporate finances, rather than an asset it buys for customers or uses directly in its core business.
The 31 BTC figure covers the five disclosed purchases. It does not confirm Super League’s current Bitcoin balance. The Nov. 9 disclosure also does not say how the latest purchase was funded or name a custodian, the party responsible for safeguarding the coins.
Those details matter to investors. A Bitcoin treasury exposes a company to price volatility and custody risks, and raises questions about how purchases affect its finances. The buying record alone does not answer them.
Metaplanet’s proposed contribution is a separate transaction
Super League’s disclosed Bitcoin purchases are separate from a much larger proposed transaction with Metaplanet. Under an agreement announced in August, Metaplanet would contribute 2, 100 BTC and $2.5 million in cash through its wholly owned U.S. subsidiary. The Bitcoin would be transferred in kind, meaning Metaplanet would contribute coins it already owns rather than have Super League buy them.
In return, Metaplanet would receive 44, 859, 400 common shares priced at $3 each, along with preferred shares and warrants. The share count was set using Bitcoin’s Aug. 14 reference price and would not change with later movements in BTC’s price.
In an Oct. 19 announcement, Super League said shareholders had approved transaction-related proposals at the Oct. 16 annual meeting. On the proposal covering share issuance, 1, 055, 621 votes were in favor, 25, 314 were against and 19, 343 were abstentions. The approval covered the issuance of up to 435, 859, 500 common shares under subscription agreements with Metaplanet Holdings and Evo Fund.
The vote did not close the transaction. Super League said closing remained subject to customary conditions, including required Nasdaq filings, and anticipated completion in the fourth quarter. The Oct. 19 announcement did not confirm that the deal had closed.
A deal built around Metaplanet control
If the transaction closes, Super League is expected to become Superplanet and trade on Nasdaq under the ticker SUPA. Its advertising and media activation business would remain a separate operating segment, with Matt Edelman staying on as chief executive.
The proposed terms would give Metaplanet a dominant position. The August agreement projected that it would own about 95.7% of Super League’s outstanding common stock after closing, or 93.6% if existing pre-funded warrants were exercised. These warrants are paid for in advance. Metaplanet would also receive 100 convertible perpetual preferred shares, which have no stated maturity and may be converted into common shares, along with governance rights that include the ability to designate a majority of directors.
The deal also includes ten-year warrants covering up to 381 million common shares, with exercise prices ranging from $3 to $33.50. Warrants give their holder the right to buy shares under specified terms. If exercised, they could increase the number of shares in circulation and further dilute other shareholders.
A separate subscription right described in the October announcement would remain available for 24 months after closing. It would let Metaplanet buy up to 2.1 million non-convertible junior liquidity preferred shares at a stated value of $100 each, for an additional investment of up to $210 million. Shares issued at closing, along with shares received through warrant exercises or preferred-stock conversions, would be subject to a five-year lock-up, with specified exceptions.
The companies have described the plan as a U.S. Bitcoin treasury platform alongside Metaplanet’s Tokyo-listed business. A transfer of 2, 100 BTC would be substantial, but so would Metaplanet’s projected ownership and governance control. The outcome depends on the transaction closing and its terms taking effect as planned.
Key questions about Super League’s Bitcoin purchases
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How much Bitcoin did Super League most recently buy?
It disclosed buying 16 BTC between Nov. 4 and Nov. 9, 2024, at an average price of $76, 892.32 per coin.
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Does Super League currently hold 31 BTC?
That has not been confirmed. The figure covers five disclosed purchases, and the company has not said it represents its current balance.
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Has Metaplanet transferred the proposed 2, 100 BTC?
The Oct. 19 company announcement said the deal remained subject to closing conditions and anticipated a fourth-quarter closing. It did not confirm completion.
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What could the deal mean for control of Super League?
If it closes, Metaplanet is projected to hold a dominant ownership stake and would have governance rights that include the ability to designate a majority of directors.
