Metaplanet Takes Majority Stake in Super League to Boost Bitcoin Treasury Strategy

Under agreements announced Monday and registered with the U.S. Securities and Exchange Commission (SEC), shareholders voted in favor of issuing up to 435.9 million common shares tied to deals involving Metaplanet and Evo Fund. In return, Metaplanet will contribute 2,100 Bitcoins and $2.5 million in cash for 44.86 million common shares, 100 shares of convertible perpetual preferred stock with governance rights, and warrants exercisable over ten years for additional common stock.

This transaction grants Metaplanet control over Super League, including authority to appoint a majority of board members and to approve major corporate decisions. Notably, Metaplanet's shares will be subject to a five-year lock-up period.

Following the deal, Super League plans to rebrand as Superplanet and change its Nasdaq ticker symbol to SUPA, emphasizing a strategy centered on increasing Bitcoin holdings per share.

Superplanet aims to finance future Bitcoin acquisitions not primarily through debt, but by issuing senior, non-convertible perpetual preferred shares. Additionally, Metaplanet will have the option to invest up to $210 million in junior preferred stock to further support the company.

This development coincides with Metaplanet's ongoing expansion of its Bitcoin reserves. Currently, Metaplanet holds 44,000 BTC, ranking it as the second-largest publicly traded corporate Bitcoin holder after Strategy, according to industry figures.

The agreement enables Metaplanet to raise capital in US dollars via preferred stock offerings, complementing its existing financing in Japanese yen.

In an SEC filing dated October 15, Super League noted that the U.S. market for preferred securities issued by Bitcoin treasury companies has matured enough to welcome new participants. This funding structure offers an alternative to traditional debt financing for Bitcoin acquisitions.

This expansion aligns with a recent strategic shift by Metaplanet. Earlier this month, the company proposed allocating up to 15% of its total assets toward strategic investments aimed at financing Bitcoin purchases and dividend payouts.

Metaplanet’s acquisition and financing strategy positions it to leverage U.S. capital markets effectively, supporting its leadership role among corporate Bitcoin holders and reinforcing its long-term investment approach.

By controlling a Nasdaq-listed entity focused on growing Bitcoin assets and using innovative preferred stock financing, Metaplanet is pioneering new methods for corporate Bitcoin treasury management on U.S. markets.