Super League shareholders approve Metaplanet’s 2,100 BTC investment
Shareholders cleared a condition for Metaplanet's investment, with the Superplanet name and SUPA ticker contingent on a fourth-quarter closing. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Metaplanet moved closer to establishing a US-listed Bitcoin treasury platform after Super League shareholders approved its proposed investment.
An Oct. 19 SEC filing showed shareholders approved every proposal at the company's Oct. 16 annual meeting, clearing a major condition for the Japanese Bitcoin treasury firm's planned takeover of the Nasdaq-listed advertising company.
The approvals included issuing up to 435.9 million common shares under agreements with Metaplanet and investment firm Evo Fund. The principal issuance proposal received 1.06 million votes in favor against 25,314 opposed.
Under the agreement, Metaplanet will contribute 2,100 BTC and $2.5 million in cash in exchange for 44.86 million newly issued common shares priced at $3 each. Dylan LeClair, Metaplanet's Director of Bitcoin Strategy, estimated approximately 93.7% ownership at closing using Super League's Sept. 29 share count.
The Bitcoin contribution was valued at approximately $170 million as of Oct. 16, up from $132.1 million when the agreement was priced in August. However, the number of shares Metaplanet will receive remains fixed despite the increase in Bitcoin's dollar value.
Once completed, the transaction will transform Super League into Superplanet, trading under the ticker SUPA. The company will serve as Metaplanet's US-listed Bitcoin treasury platform, providing access to American capital markets alongside its existing Japanese operations.
Metaplanet CEO Simon Gerovich said the expansion would advance the company's ambition to become a global Bitcoin-native financial platform, with complementary operations in the US and Japan supporting international fundraising, capital allocation and Bitcoin-related financial products.
The transaction is expected to close in the fourth quarter of 2026, subject to remaining requirements, including Nasdaq-related filings.
Shareholders approved charter changes that would increase Super League's authorized preferred shares tenfold, from 10 million to 100 million, providing capacity to issue senior, non-convertible perpetual preferred securities.
The proposed model would allow Superplanet to raise dollar-denominated capital from investors seeking income while directing the proceeds toward increasing Bitcoin holdings per common share. Unlike debt, perpetual preferred stock generally carries no fixed repayment date, although dividend obligations would create recurring financing costs.