Metaplanet to take 93.7% Super League stake with Bitcoin
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Written by
Simonas Brazionis - Updated 2026-10-20 02:34:12
Shareholders of Super League, a Nasdaq-listed gaming and digital media company, have approved a transaction that will grant Metaplanet to take a 93.7% ownership stake. This strategic move facilitates Metaplanet's entry into US capital markets as a publicly traded Bitcoin treasury company.
The transaction involves Metaplanet contributing 2,100 Bitcoin (BTC) and $2.5 million in cash. In exchange, Metaplanet will receive 44.86 million common shares, 100 shares of convertible perpetual preferred stock with governance rights, and 10-year warrants for additional common stock.
Metaplanet's Control and Future Strategy
This deal grants Metaplanet control over Super League, including the authority to appoint a majority of its board members and approve significant corporate decisions. Metaplanet's common shares will be subject to a five-year lock-up period.
Following the transaction, Super League plans to rebrand as Superplanet and adopt the Nasdaq ticker SUPA. The company will shift its strategic focus to increasing its Bitcoin holdings per share.
Financing and Bitcoin Holdings Expansion
Superplanet intends to finance additional Bitcoin acquisitions through senior, non-convertible perpetual preferred shares, aiming to reduce reliance on debt. Metaplanet will also have the option to invest up to $210 million in junior preferred stock to provide further financial support.
This move aligns with Metaplanet's ongoing expansion of its Bitcoin holdings, which currently stand at 44,000 BTC, making it the second-largest publicly traded corporate Bitcoin holder after MicroStrategy. The deal enables Metaplanet to raise capital in US dollars through preferred stock offerings, complementing its existing yen-denominated financing in Japan. An October 15 SEC filing by Super League indicated that the US market for preferred securities issued by Bitcoin treasury companies has matured sufficiently to support new entrants.
