Metaplanet Set to Take 93.7% of Super League in a 2,100 BTC Deal

Shareholders of Nasdaq-listed gaming and digital media company Super League have signed off on a transaction that hands Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake. The vote clears the way for Metaplanet to build a publicly traded Bitcoin treasury vehicle in the United States. Approval covered the issuance of up to 435.9 million common shares under agreements involving Metaplanet and Evo Fund, as shown in a Monday announcement and an SEC filing.

What Metaplanet Is Putting Into the Deal

Metaplanet will contribute 2,100 BTC and $2.5 million in cash. In return it receives 44.86 million common shares, 100 shares of convertible perpetual preferred stock that carry governance rights, and 10-year warrants to buy more common stock. The package gives Metaplanet control of the company, including the power to name a majority of the board and approve major decisions. Its common shares will be locked up for five years.

Superplanet Rebrand and Bitcoin Treasury Strategy

Super League plans to rebrand as Superplanet and trade on Nasdaq under the ticker SUPA. The strategy centers on growing Bitcoin holdings per share. Instead of leaning mainly on debt, the company intends to fund new Bitcoin purchases through senior, non-convertible perpetual preferred shares. Metaplanet also has the option to invest up to $210 million in junior preferred stock for extra support.

Metaplanet’s Bitcoin Holdings and Wider Strategy

Metaplanet holds about 44,000 BTC, making it the second-largest public corporate Bitcoin holder after Strategy, based on industry data. Earlier this month it also proposed putting up to 15% of its total assets toward strategic investments that could help pay for Bitcoin purchases and dividends.