Super League backs Metaplanet's 2,100 BTC Superplanet deal

Shareholders of Super League Enterprise (Nasdaq: SLE) have approved every proposal tied to Metaplanet's planned investment of 2,100 bitcoin and $2.5 million in cash, clearing the way for the Japanese bitcoin treasury company to take a 93.7% stake and use the firm as its U.S. listed vehicle. The vote took place at Super League's annual meeting on Oct. 16, the company said in a press release on Monday; Cointelegraph first reported the stake size.

The deal in numbers

• Bitcoin in kind: Metaplanet, through its U.S. subsidiary Metaplanet Holdings, contributes 2,100 BTC. At the Aug. 14 reference price they were worth about $132.1 million; by Oct. 16 that value had risen to about $170.0 million.
• Shares: in return Metaplanet gets 44,859,400 common shares at $3.00 each, 100 convertible perpetual preferred shares with governance and voting rights, and 10-year warrants for up to 381 million more common shares in four tranches, with exercise prices stepping up from $3.00 to $33.50.
• Extra funding option: for 24 months after closing Metaplanet may buy up to 2.1 million junior preferred shares at a $100 stated value — up to $210 million more.
• Lock-up: Metaplanet's common shares are locked up for five years.
• Shareholders approved issuing up to 435,859,500 common shares under the agreements with Metaplanet and Evo Fund.

From gaming to bitcoin treasury

At closing the company will become Superplanet, Inc. under the ticker SUPA. Its advertising and media business will continue as a separate segment, and Matt Edelman stays CEO. The strategy is to grow bitcoin per share, financed mainly through senior, non-convertible perpetual preferred stock rather than conventional debt. In an Oct. 15 SEC filing, Super League argued that the U.S. market for preferred securities from bitcoin treasury companies is now big enough to support new issuers — a market led by Strategy, which on Monday bought back $193 million of its STRC preferred.

Metaplanet holds about 44,000 BTC, making it the second-largest listed corporate holder after Strategy, according to industry data cited by Cointelegraph. Earlier this month it also proposed setting aside up to 15% of its total assets for strategic investments.

Corporate treasuries keep adding bitcoin — Strive's latest purchase took it to 36,818 BTC. For the different ways investors get exposure, see bitcoin ETFs vs buying bitcoin.