Japan's Metaplanet launching U.S. bitcoin treasury company through $135 million nanocap deal
The deal involves Metaplanet contributing 2,100 bitcoin and $2.5 million in cash, valuing the initial investment at $134.6 million.
Source: CoinDesk
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DW NOTE
Metaplanet is trading its bitcoin pile for access to U.S. capital markets via a $135 million reverse merger. The structure tells you everything: they're valuing the listing premium above the coins themselves. That works until it doesn't — when the nanocap vehicle can't raise follow-on capital or the bitcoin position underwhelms, the parent gets neither the coins nor the equity float it wanted.