Super League Shareholders Say Yes To Metaplanet
Shareholders of Nasdaq-listed gaming and digital media company Super League have approved a transaction that would give Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake. The deal is designed to give Metaplanet a route into U.S. capital markets through a publicly traded Bitcoin treasury company.
What Metaplanet Is Putting In & What It Gets Back
Under the approved arrangements, Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash in exchange for 44.86 million common shares, 100 convertible perpetual preferred shares carrying governance rights and 10-year warrants for additional common stock.
Super League stockholders have approved every proposal at last week’s annual meeting, including:
✅ Issuance of common stock and warrants to Metaplanet
✅ Name change to Superplanet, Inc. ($SLE -> $SUPA)
✅ Increase in authorized preferred shares from 10m to 100mAt closing, Metaplanet will contribute 2,100 BTC + $2.5m USD in exchange for 44.86m common shares, 100 shares of Strategic Alliance Preferred Stock, and common stock warrants representing up to ~$3.4b of potential equity capital.
Based on the ~3.0m Super League shares outstanding as of September 29, Metaplanet would own ~93.7% of Superplanet’s common stock at closing. All shares to be held by Metaplanet are subject to a five-year lock-up.
The Strategic Alliance Preferred carries no preferred dividend or liquidation preference; its purpose is governance. While Metaplanet holds it, Metaplanet’s consent is required for charter amendments, mergers or changes of control, and designation of a board majority.
As outlined in the proxy, Superplanet intends to grow BTC per share primarily by issuing senior, non-convertible perpetual preferred stock rather than debt.
Metaplanet will also hold a 24-month right to subscribe for up to $210m of unlisted Junior Liquidity Support Preferred Stock. If issued, it would pay SOFR + 4.00% and rank junior to any senior preferred Superplanet may issue, allowing Metaplanet to provide subordinated capital in support of the balance sheet.
A new chapter begins soon. 🇺🇸🪐
— Dylan LeClair (@DylanLeClair) October 19, 2026
The agreements also involve investment firm Evo Fund and authorise the issuance of as many as 435.9 million common shares. Metaplanet would gain control of the company, including the ability to appoint a board majority and approve major corporate decisions. Its common shares will be subject to a five-year lock-up.
Superplanet Rebrand & The Road Ahead
Super League plans to rebrand as Superplanet and adopt the Nasdaq ticker SUPA, with a strategy focused on increasing Bitcoin holdings per share. Metaplanet has said U.S. capital-market access could support additional Bitcoin purchases through preferred-stock offerings. The transaction links Metaplanet’s established Bitcoin-treasury strategy with a U.S.-listed corporate vehicle, although the final implementation remains subject to the transaction’s conditions and filings.
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