Shareholders of Super League Enterprise have approved all proposals tied to Metaplanet’s planned investment, allowing the Nasdaq-listed gaming and advertising company to move ahead with a transaction centered on 2,100 bitcoin and $2.5 million in cash. The assets would be delivered through Metaplanet’s U.S. subsidiary if the deal closes.

The companies said the transaction would position Super League as Metaplanet’s U.S. bitcoin treasury platform. After closing, Super League plans to rename itself Superplanet Inc. and change its Nasdaq ticker to SUPA, while keeping its existing advertising business in place.

Shareholders back the full proposal

Super League said investors approved every measure connected to the Metaplanet transaction at the company’s Oct. 16 annual meeting. The vote clears a major internal hurdle for a deal that the parties expect to complete in the fourth quarter, subject to customary closing conditions and required Nasdaq filings.

Under the agreement, Metaplanet would provide 2,100 BTC along with $2.5 million in cash. Based on the reference price set on Aug. 14, the bitcoin portion was valued at about $132.1 million. By Oct. 16, that same holding was worth roughly $170 million, reflecting a $37.9 million increase before the transaction had closed.

Metaplanet gains a large equity position

In exchange, Metaplanet is set to receive 44,859,400 common shares priced at $3 each, as well as convertible preferred stock and 10-year warrants tied to as many as 381 million additional shares. Those warrants carry exercise prices ranging from $3 to $33.50.

The structure also gives Metaplanet the right to invest a further $210 million through preferred securities over a 24-month period. Super League said Metaplanet’s common shares and certain future shares would be subject to a five-year lockup, with some exceptions.

A new role for Super League

If the transaction is completed, Super League would take on a very different corporate identity. The company said it plans to become Superplanet Inc., trade under the ticker SUPA, and serve as the U.S. arm of Metaplanet’s bitcoin treasury strategy.

Chief executive Ann Hand and chairman Matt Edelman have overseen several changes at Super League in recent years. In remarks included with the announcement, Edelman said shareholder approval moved the company closer to redefining what it could become, while making clear the shift depends on the deal reaching closing.

Two businesses with unusual paths converge

Super League traces its roots to 2014, when it began as Nth Games. Over time it moved from amateur esports competitions into gaming-focused advertising, Roblox experiences, and branded entertainment. The company listed on Nasdaq in 2019 and later rebranded in 2023 as it continued to reshape its business.

Metaplanet followed a very different route. The Japanese company emerged from a budget hospitality business that was hit by the COVID-19 period, then pivoted under CEO Simon Gerovich toward bitcoin accumulation. After designating bitcoin as its primary treasury asset in April 2024, Metaplanet had built its holdings to 44,000 BTC by Sept. 30, 2026, making it the world’s second-largest publicly traded corporate bitcoin holder, according to the report.

What happens next

The next confirmed step is closing the transaction, which the companies expect in the fourth quarter if the remaining conditions are satisfied. Required Nasdaq-related filings also still need to be completed before the plan can be finalized.

If that happens, Super League’s operating advertising business is expected to remain in place, but the company’s financial role would shift significantly as it becomes the U.S. bitcoin treasury platform for Metaplanet. Shares of SLE rose on the news, ending the session up 6.9%.

Source: news.bitcoin.com