Japanese Bitcoin Firm Metaplanet Secures 93.7% Ownership of Super League in 2,100 BTC Acquisition
Through this deal, Metaplanet will gain entry to United States capital markets, with plans to leverage preferred stock issuances as a funding mechanism for expanding its Bitcoin treasury.
A deal that positions Japanese Bitcoin treasury company Metaplanet to acquire a 93.7% controlling interest has received approval from shareholders of Super League, a gaming and digital media enterprise listed on the Nasdaq exchange. This acquisition marks a significant step in Metaplanet's strategic expansion into United States capital markets via a publicly listed Bitcoin treasury vehicle.
Based on a Monday announcement and documentation submitted to the US Securities and Exchange Commission (SEC), shareholders gave their approval for issuing up to 435.9 million shares of common stock under agreements that involve Metaplanet and Evo Fund. In this arrangement, Metaplanet will provide 2,100 Bitcoin (BTC) along with $2.5 million in cash to receive 44.86 million shares of common stock, 100 shares of convertible perpetual preferred stock that include governance privileges, and 10-year warrants that allow for the purchase of additional common stock.
Through this transaction, Metaplanet would secure controlling authority over the company, which includes the power to appoint a majority of board members and authorize significant corporate actions. The common shares received by Metaplanet will be restricted by a five-year lock-up period.
Under the terms of this agreement, Super League intends to undergo a rebranding to become Superplanet and will adopt the new Nasdaq ticker symbol SUPA, implementing a strategic approach centered on growing its Bitcoin holdings on a per-share basis.
Instead of depending predominantly on debt financing, Superplanet plans to fund future Bitcoin acquisitions using senior, non-convertible perpetual preferred shares. Additionally, Metaplanet will receive the option to deploy up to $210 million through junior preferred stock investments to offer further financial backing.
This transaction occurs as Metaplanet maintains its trajectory of growing its Bitcoin reserves. The firm has amassed 44,000 BTC, positioning it as the second-largest publicly listed corporate holder of Bitcoin after Strategy, based on available industry data.
Metaplanet looks to US markets to finance Bitcoin purchases
This agreement would provide Metaplanet with the capability to generate capital denominated in US dollars via preferred stock issuances, serving as a complement to its current yen-based financing operations in Japan.
According to an Oct. 15 SEC filing submitted by Super League, the United States market for preferred securities offered by Bitcoin treasury corporations has expanded sufficiently to accommodate additional market participants. The financing structure being proposed would establish an alternative capital source for Bitcoin acquisitions that doesn't depend primarily on traditional debt instruments.
This expansion arrives as Metaplanet modifies its overall investment approach. In earlier developments this month, the corporation put forward a proposal to designate up to 15% of its aggregate assets toward strategic investments intended to support financing for Bitcoin acquisitions and dividend distributions.