Super League Shareholders Approve Metaplanet's 2,100 Bitcoin Takeover, Clearing the Path to Superplanet

Metaplanet just cleared the last major hurdle standing between it and a second, US-listed Bitcoin treasury platform.

THE VOTE THAT CLEARS THE DEAL

Shareholders of Super League Enterprise, a Nasdaq-listed gaming and media company, approved every proposal tied to Metaplanet's planned investment at the company's 2026 annual meeting, held last Friday and disclosed Monday morning. The vote covers the stock and warrant issuance to Metaplanet, a corporate name change, and an increase in authorized preferred shares from 10 million to 100 million.

The deal was first announced in August. Under its terms, Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash in exchange for 44,859,400 common shares, 100 shares of convertible perpetual preferred stock carrying governance rights, and warrants for additional common stock. Once it closes, expected in the fourth quarter of 2026, Metaplanet will hold roughly 95.7% of the company's common stock, or about 93.6% if outstanding pre-funded warrants are exercised, giving it the right to appoint a majority of the board.

SUPER LEAGUE BECOMES SUPERPLANET

At closing, Super League will change its name to Superplanet, Inc. and trade on Nasdaq under the ticker SUPA. Super League's existing advertising and media activation business will keep running as a separate operating segment, with current CEO Matt Edelman staying on. Metaplanet's common shares in the new entity carry a five-year lock-up.

Metaplanet CEO Simon Gerovich framed the vote as more than a corporate formality: "Shareholders of Super League have voted to approve the proposed Metaplanet transaction, marking a significant step in our transition from a Bitcoin treasury company to a global Bitcoin-native financial platform."

WHAT METAPLANET GETS FOR 2,100 BITCOIN

Metaplanet is currently the world's second-largest corporate Bitcoin holder behind Strategy, with 44,000 BTC on its balance sheet after a net addition of 1,000 coins in the third quarter. Everything it has built so far runs through the Tokyo Stock Exchange. Superplanet changes that by giving the group a second listed vehicle, this one on Nasdaq, built specifically to raise US capital and buy more Bitcoin on Metaplanet's behalf.

Superplanet's stated strategy is to grow Bitcoin holdings per share and finance future purchases mainly through senior, non-convertible perpetual preferred shares rather than debt. Metaplanet also has the option to invest up to $210 million in junior preferred stock to backstop the new platform.

TWO LISTED PLATFORMS, ONE BITCOIN STRATEGY

The practical effect is a Bitcoin treasury operation that can now raise money in two of the world's deepest capital markets at once, Tokyo and New York, under a single accumulation strategy. Whether Superplanet can actually pull in fresh US investor demand, rather than simply becoming a smaller mirror of Metaplanet's Tokyo listing, is the question that will decide whether this deal was a real expansion or just a new ticker.

This story comes from the Simply Bitcoin Live show. Watch the full episode.