Super League stockholders have approved every proposal at last week's annual meeting, including: ✅ Issuance of common stock and warrants to Metaplanet ✅ Name change to Superplanet, Inc. ($SLE -> $SUPA) ✅ Increase in authorized preferred shares from 10m to 100m At closing, Metaplanet will contribute 2,100 BTC + $2.5m USD in exchange for 44.86m common shares, 100 shares of Strategic Alliance Preferred Stock, and common stock warrants representing up to ~$3.4b of potential equity capital. Based on the ~3.0m Super League shares outstanding as of September 29, Metaplanet would own ~93.7% of Superplanet's common stock at closing. All shares to be held by Metaplanet are subject to a five-year lock-up. The Strategic Alliance Preferred carries no preferred dividend or liquidation preference; its purpose is governance. While Metaplanet holds it, Metaplanet's consent is required for charter amendments, mergers or changes of control, and designation of a board majority. As outlined in the proxy, Superplanet intends to grow BTC per share primarily by issuing senior, non-convertible perpetual preferred stock rather than debt. Metaplanet will also hold a 24-month right to subscribe for up to $210m of unlisted Junior Liquidity Support Preferred Stock. If issued, it would pay SOFR + 4.00% and rank junior to any senior preferred Superplanet may issue, allowing Metaplanet to provide subordinated capital in support of the balance sheet. A new chapter begins soon. 🇺🇸🪐

Metaplanet announced ¥52b of zero-coupon Euro-yen convertible bonds due 2031, together with a concurrent share repurchase. Terms are now final, and the initial repurchase was completed this morning. The conversion price is ¥339, a ~30% premium to the reference share price and above 1.0x mNAV at launch. Through ToSTNeT-3, we repurchased 73,981,400 shares at ¥261, a discount to NAV, for a total of ¥19.3b, or roughly 5.4% of shares outstanding. A further ¥23.6b will partially repay our credit facility, releasing bitcoin currently pledged as collateral and giving us greater flexibility to execute on our upcoming strategic initiatives. The remaining ~¥9bn allocated to repurchases can go toward further share buybacks in the market and/or additional facility repayment.

Developers just figured out a way to hide who sent bitcoin, who received it, and how much moved, without changing Bitcoin itself. This new proposed idea is not a fork around the protocol or new cryptocurrency. This is how Bitcoin was designed, a base layer people can innovate on without asking permission. On Thursday, researcher Misha Komarov and colleagues published Shielded Bitcoin, a Zcash-style shielded pool for Bitcoin’s base layer. Encrypted notes and zero-knowledge proofs ride along in ordinary Bitcoin transactions. Separate software checks that no coins are created from nothing and none are spent twice. There is no company running the pool, no sidechain, and no soft fork. Funds go in and out through cryptographic vaults Komarov has been building, called PIPEs, so no federation has to hold the bitcoin. Miners do not enforce the privacy rules. Invalid shielded data can still land in a block, indexers simply ignore it. The trade is: Bitcoin stays conservative, and the experiment lives on top of it. If it works, private transfers arrive the way most of Bitcoin’s best ideas have, not by rewriting the constitution, but by building on the settlement layer everyone already trusts.

Strategy is proposing daily dividends on $STRF, $STRC, $STRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and demand.

BDO, the world’s 5th largest accounting network, notes industries are built on assets: airlines deploy aircraft, banks allocate capital, and software firms monetize IP. Bitcoin can similarly be a foundational asset around which businesses are built.

Our latest research paper explores the growing connection between AI and digital assets and explains why broad AI adoption may drive new demand, utility and applications across the digital asset economy.

$BTC has flashed the momentum signal that started the last two bull markets. MVRV has crossed back above its 365-day average. This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market.

The Digital Assets industry is better off moving forward with supportive rules from the SEC, CFTC, Treasury, and banking regulators than accepting the restrictions in the final CLARITY compromise.