Metaplanet Takes 93.7% Stake in Super League via 2,100 BTC Deal

Japanese Bitcoin treasury firm Metaplanet is set to acquire a 93.7% controlling ownership stake in Nasdaq-listed gaming and digital media company Super League, funding the transaction with 2,100 BTC and $2.5 million in cash. According to a Monday announcement and SEC filing, Super League shareholders approved the issuance of up to 435.9 million common shares under agreements involving Metaplanet and Evo Fund. In exchange for its Bitcoin contribution, Metaplanet will receive 44.86 million common shares, 100 shares of convertible perpetual preferred stock carrying governance rights, and 10-year warrants for additional common stock. The deal gives Metaplanet the power to designate a majority of Super League's board and approve major corporate decisions, with Metaplanet's common shares subject to a five-year lock-up.

As part of the transaction, Super League plans to rebrand as Superplanet and adopt the Nasdaq ticker SUPA, shifting its strategy toward increasing Bitcoin holdings per share. Rather than relying primarily on conventional debt, Superplanet intends to finance further Bitcoin purchases through senior, non-convertible perpetual preferred shares, with Metaplanet retaining the option to invest up to $210 million in junior preferred stock for additional financial support. The move provides Metaplanet with a direct channel to raise capital in US dollars through preferred stock offerings, complementing its existing yen-denominated financing structure in Japan. In an Oct. 15 SEC filing, Super League noted that the US market for preferred securities issued by Bitcoin treasury companies has grown large enough to accommodate new entrants.

The acquisition comes as Metaplanet continues aggressively expanding its Bitcoin reserves, having accumulated 44,000 BTC to become the second-largest publicly traded corporate Bitcoin holder behind Strategy. The company has also proposed allocating up to a significant portion of its broader investment strategy toward Bitcoin, and recently announced plans to issue $329 million in convertible bonds to pay down debt and fund share buybacks. By establishing a US-listed Bitcoin treasury vehicle through Superplanet, Metaplanet positions itself to leverage American capital markets for sustained BTC accumulation without the constraints of debt-heavy financing structures.