Super League shareholders approve Metaplanet's 2,100 BTC acquisition for 93.7% stake

Super League shareholders approved a transaction granting Japanese firm Metaplanet a 93.7% stake in exchange for 2,100 Bitcoin and $2.5 million in cash. Expected to close in Q4 2026, the deal rebrands the Nasdaq gaming company as Superplanet (ticker SUPA). The venture provides Metaplanet, the second-largest corporate Bitcoin holder with 44,000 BTC, direct access to U.S. dollar capital markets via preferred stock offerings.

Shareholder approvals at annual meeting

• ▪Super League shareholders approved increasing authorized preferred shares from 10 million to 100 million at the October 16, 2026 annual meeting.
• ▪Super League shareholders approved proposals granting Japanese firm Metaplanet a 93.7% controlling stake in the Nasdaq-listed gaming company at its October 16, 2026 annual meeting.
• ▪Super League shareholders approved the issuance of up to 435.9 million common shares under agreements involving Metaplanet and Evo Fund.

Metaplanet's Bitcoin contribution and valuation

• ▪The 2,100 Bitcoin contributed by Metaplanet was valued at approximately $132.1 million on August 14, 2026, and grew to $170 million by October 16, 2026.
• ▪Under the definitive agreement, Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash through its subsidiary Metaplanet Holdings, Inc. to acquire its stake in Super League.

Securities granted to Metaplanet

• ▪Metaplanet will receive 44,859,400 common shares of Super League priced at $3.00 per share, subject to a five-year lockup period.
• ▪Metaplanet will acquire 100 shares of convertible perpetual preferred stock with governance rights allowing it to designate a majority of Super League's board.
• ▪Metaplanet will receive 10-year warrants covering up to 381 million additional common shares with exercise prices ranging from $3.00 to $33.50.
• ▪Metaplanet secured the right to invest up to $210 million in preferred securities of Super League over a 24-month period.

Transaction timeline

• ▪The investment transaction between Metaplanet and Super League was originally announced on August 18, 2026.
• ▪The transaction between Metaplanet and Super League is expected to close in the fourth quarter of 2026, subject to customary conditions and required Nasdaq filings.

Post-closing name and operational structure

• ▪Upon closing of the transaction, Super League will rename itself Superplanet, Inc. and adopt the Nasdaq ticker symbol SUPA.
• ▪Super League's advertising and branded content operation will continue operating as a distinct segment under chief executive officer Matt Edelman after rebranding as Superplanet.

Preferred stock financing strategy

• ▪In an October 15, 2026 SEC filing, Super League stated that the U.S. preferred securities market was large enough to support new entrants.
• ▪Superplanet plans to fund future Bitcoin purchases by issuing non-convertible senior perpetual preferred stock rather than relying primarily on debt.

Metaplanet expansion and investment strategy

• ▪Metaplanet aims to expand its fundraising beyond Japanese yen markets into U.S. dollar capital markets through its Nasdaq-listed platform.
• ▪Metaplanet proposed allocating up to 15% of its total assets to strategic investments, including additional Bitcoin purchases and dividend funding.

Metaplanet Bitcoin treasury history

• ▪Metaplanet holds 44,000 Bitcoin, making it the second-largest publicly traded corporate Bitcoin holder after Strategy.
• ▪Metaplanet adopted Bitcoin as its primary treasury asset in April 2024.