Super League shareholders have approved a transaction that would hand Japan-based Bitcoin treasury firm Metaplanet a 93.7% ownership stake in the Nasdaq-listed gaming and digital media company. The deal creates a US-listed vehicle for Metaplanet’s Bitcoin treasury strategy and broadens its access to dollar-based capital markets.
Under the approved terms, Metaplanet will contribute 2,100 BTC and $2.5 million in cash. In return, it will receive a large block of common shares, preferred stock with governance rights and warrants, giving it effective control over the company and its future direction.
Terms of the approved deal
The transaction calls for Metaplanet to receive 44.86 million common shares, 100 shares of convertible perpetual preferred stock and 10-year warrants for additional common stock. The preferred stock carries governance rights, and together with the rest of the package, the structure would leave Metaplanet with a 93.7% stake in Super League.
The agreement also gives Metaplanet broad control over the company. It would be able to designate a majority of the board and approve major corporate decisions. At the same time, the common shares issued to Metaplanet will be subject to a five-year lock-up.
Super League’s planned shift to Superplanet
Following the transaction, Super League plans to rebrand as Superplanet and change its Nasdaq ticker to SUPA. The company’s strategy would be centered on increasing its Bitcoin holdings on a per-share basis, marking a sharp change from its previous operating identity as a gaming and digital media business.
The financing model outlined in the deal differs from a more debt-heavy approach. Superplanet intends to fund additional Bitcoin purchases primarily through senior, non-convertible perpetual preferred shares. Separately, Metaplanet would have the option to invest as much as $210 million in junior preferred stock as an added source of financial support.
Why the deal matters for Metaplanet
For Metaplanet, the acquisition offers a route into US public markets through a listed Bitcoin treasury company. That would complement the firm’s existing financing base in Japan, where it has been raising capital in yen, by opening a way to raise funds in US dollars through preferred stock offerings.
The move comes as Metaplanet continues to expand its Bitcoin balance sheet. According to the source article, the company has accumulated 44,000 BTC, placing it second among publicly traded corporate Bitcoin holders behind Strategy.
Broader treasury strategy and next steps
The Super League transaction fits into a wider adjustment in Metaplanet’s investment approach. The company has been revising its broader strategy, including proposed allocations for strategic investments intended to help finance further Bitcoin purchases and dividend payments.
The next confirmed step is the company transition outlined in the approved deal: Super League is expected to move ahead with its planned rebrand to Superplanet and adopt the ticker SUPA, while Metaplanet uses the structure to pursue additional Bitcoin-focused financing in the US market.
Source: cointelegraph.com