Metaplanet Seeks 93.7% Stake in Nasdaq-Listed Super League to Expand Bitcoin Investment

Japanese Bitcoin holder Metaplanet is seeking to take control of Nasdaq-listed Super League as it moves to expand Bitcoin investment through US capital markets.

Cointelegraph reported on Oct. 19 that Super League shareholders approved proposals related to an equity transaction involving Metaplanet and Evo Fund. Once the deal closes, Metaplanet will hold a 93.7% stake in Super League.

Under the transaction, Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash. In return, it will receive 44.86 million shares of Super League common stock, 100 shares of convertible perpetual preferred stock with governance rights including voting power, and warrants exercisable over the next 10 years. The common shares acquired by Metaplanet will be subject to a five-year lockup.

After the deal closes, Metaplanet will be able to appoint a majority of Super League's board and influence key management decisions. Super League plans to change its name to Superplanet and its Nasdaq ticker to SUPA. It also plans to focus its business on increasing Bitcoin holdings per share.

Superplanet plans to fund additional Bitcoin purchases by issuing non-convertible senior perpetual preferred stock rather than relying on conventional borrowing. Metaplanet also secured the right to invest up to $210 million in junior preferred stock to support that fundraising effort. That would expand funding beyond its existing yen-centered structure into US dollar markets.

Metaplanet currently holds about 44,000 Bitcoin, making it the second-largest Bitcoin-holding public company after Strategy. It recently also proposed allocating up to 15% of total assets to strategic investments, including additional Bitcoin purchases and dividend funding.