Super League Rebrands to Superplanet as Metaplanet Drops 2,100 BTC for 93.7% of the House 🪐

Shareholders of Nasdaq-listed Super League have approved a deal that hands Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake and clears the way for the company to rebrand as Superplanet with the ticker SUPA. The agreement, announced Monday and disclosed in a filing with the U.S. Securities and Exchange Commission, authorizes the issuance of up to 435.9 million common shares under arrangements involving Metaplanet and Evo Fund.

Under the terms, Metaplanet will contribute 2,100 BTC and $2.5 million in cash in exchange for 44.86 million common shares, 100 shares of convertible perpetual preferred stock carrying governance rights, and 10-year warrants for additional common stock. The transaction gives Metaplanet control over Super League, including the ability to designate a majority of its board and approve major corporate decisions. Metaplanet's common shares will be subject to a five-year lock-up. Superplanet plans to pursue a strategy focused on increasing its Bitcoin holdings per share and intends to finance additional Bitcoin purchases through senior, non-convertible perpetual preferred shares rather than relying primarily on debt. Metaplanet will also have the option to invest up to $210 million in junior preferred stock to provide additional financial support.

Metaplanet CEO Simon Gerovich confirmed the shareholder approval in an X post, describing it as an important step in the Japanese company's move to become a "global Bitcoin-native financial platform." Gerovich said the transaction will give Metaplanet direct access to U.S. capital markets and more flexibility in raising capital, adding, "Together with Metaplanet Securities in Japan, we will have complementary platforms in" the two regions. Superplanet is expected to rank among the top 50 corporate Bitcoin treasury companies once the deal closes.

The approval comes two months after initial reports that Metaplanet would invest 2,100 BTC to launch Superplanet by taking a controlling stake in Super League. An Oct. 15 SEC filing from the company stated that the U.S. market for preferred securities issued by Bitcoin treasury companies has grown large enough to support new entrants, and that the proposed financing structure would provide another source of funding for Bitcoin purchases without relying primarily on conventional debt.

Metaplanet continues to expand its Bitcoin holdings and has accumulated 44,000 BTC, making it the second-largest publicly traded corporate Bitcoin holder behind Strategy, according to industry data. The deal is also part of a broader revision to Metaplanet's investment strategy; earlier this month, the company proposed allocating up to 15% of its total assets for strategic investments to help finance Bitcoin purchases and dividend payments.