- Shareholders of Nasdaq-listed Super League approved a deal giving Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake.
- Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash for common shares, preferred stock, and warrants, subject to a five-year lock-up.
- Super League plans to rebrand as Superplanet with ticker SUPA and focus on increasing Bitcoin holdings per share, financing via preferred shares rather than debt.
- Metaplanet now holds 44,000 BTC, making it the second-largest public corporate Bitcoin holder behind Strategy, according to industry data.
Shareholders of Nasdaq-listed gaming and digital media company Super League approved a deal that grants Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake, according to a Monday SEC filing and announcement. Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash in exchange for 44.86 million common shares, convertible perpetual preferred stock, and 10-year warrants.
As part of the transaction, Super League plans to rebrand as Superplanet and adopt the Nasdaq ticker SUPA. The company’s strategy focuses on increasing its Bitcoin holdings per share rather than relying primarily on debt. To finance further Bitcoin purchases, Superplanet intends to issue senior, non-convertible perpetual preferred shares, while Metaplanet retains an option to invest up to $210 million in junior preferred stock.
The deal enables Metaplanet to raise capital in U.S. dollars through preferred stock offerings, complementing its existing yen-denominated financing in Japan. According to the SEC filing, the U.S. market for preferred securities issued by Bitcoin treasury companies has grown large enough to support new entrants.
Metaplanet has accumulated 44,000 Bitcoin, making it the second-largest publicly traded corporate Bitcoin holder behind Strategy, according to industry data. Dylan LeClair, Metaplanet’s director of Bitcoin strategy, shared details of the transaction on X.
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