Super League Enterprise, becoming Metaplanet's Superplanet, could be the most convex vehicle for bitcoin upside thanks to heavy leverage and a tiny float. Metaplanet contributes 2,100 BTC plus cash for about 95.7% ownership under a five-year lockup, leaving scarce tradable shares. After the sell-off it trades near 1.0x pro-forma mNAV. Metaplanet can inject up to $210M of preferred capital without new common shares and plans US digital-credit preferreds, if everything goes to plan. x.com  x.com  … Show more

Metaplanet's new convertible bond gives up far more in conversion value than its zero coupon saves. Strategy sold the same instrument at roughly 5x NAV in 2024; Metaplanet is selling barely above 1x. The conversion price is not yet set, and the CEO is lending 55 million personal shares to the bookrunners on undisclosed terms. Those additions compound concerns about its five warrant series, convertible preferred and management option pool. x.com  x.com 

Super League Enterprise looks overvalued after jumping 146% to above $6 on Metaplanet's plan to invest 2,100 bitcoin to launch a US bitcoin treasury platform. Its net asset value comes to about $2.98 a share, depending on the warrants, consistent with Metaplanet paying about $3 a share, so buyers should beware. x.com