Japanese bitcoin treasury company Metaplanet is acquiring Nasdaq gaming company Super League Enterprise in a $135 million deal. Michael Lerch, a Princeton graduate and former Barings trader, finds himself on both sides of the transaction through his Cayman Islands-based Evo Fund, which financed Metaplanet’s bitcoin purchases in Tokyo. Evo Fund will receive warrants for up to 10 million Super League shares, which will dilute existing shareholders. Evo’s warrant transactions in Japan exceeded ¥1 trillion (approximately $6.3 billion) in 2025, capturing more than 80% of Japan’s floating-strike warrant market.
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