Loading article...
Super League stockholders approved Metaplanet's 2,100 BTC and $2.5 million investment on Oct. 19, clearing the way for the Nasdaq company to rename itself Superplanet under the ticker SUPA.
The Nasdaq MarketSite tower in Times Square, New York. Photo: ajay_suresh via Wikimedia Commons (CC BY 2.0). Source
Super League Enterprise stockholders approved every proposal tied to Metaplanet's bitcoin investment at the company's annual meeting on Friday, the company disclosed Monday morning. The vote clears the path for the Nasdaq-listed gaming and media firm to take 2,100 bitcoin and $2.5 million from the Japanese treasury company, rename itself Superplanet, and trade under the ticker SUPA.
The proposals passed at the 2026 annual meeting and were announced in a press release and an accompanying SEC filing, as Cointelegraph reported. The transaction itself was first announced in August.
Under the definitive agreement, Metaplanet contributes 2,100 bitcoin and $2.5 million in cash through its wholly owned U.S. subsidiary, Metaplanet Holdings. In exchange it receives 44,859,400 common shares priced at $3.00 each, plus 100 shares of convertible perpetual preferred stock with governance rights and 10-year warrants for additional common stock, Bitcoin Magazine reported.
Cointelegraph put the resulting ownership at 93.7%. Bitcoin Magazine described the stake as around 96%. Either figure would make Metaplanet the controlling shareholder, with the ability to designate a majority of the board and approve major corporate decisions. Metaplanet's common shares carry a five-year lock-up.
Stockholders also approved a much larger authorized pool: as many as 435.9 million common shares could be issued under agreements involving Metaplanet and Evo Fund, far above the 44.86 million shares in the Metaplanet consideration. Authorized preferred shares rose from 10 million to 100 million. The name change and ticker switch were in the same package of measures.
At closing, Super League becomes Superplanet, Inc. and lists on Nasdaq under SUPA. Its advertising and media activation business continues as a distinct operating segment, and Matt Edelman stays on as chief executive officer. The financing model shifts with the rebrand. Rather than leaning primarily on debt, Superplanet plans to fund bitcoin purchases through senior non-convertible perpetual preferred shares. Metaplanet holds an option to invest up to $210 million in junior preferred stock as additional support, Cointelegraph noted.
Metaplanet CEO Simon Gerovich called the vote "an important step in our transformation from a Bitcoin treasury company into a global Bitcoin-native financial platform" and said Superplanet would give the group direct access to U.S. capital markets and more flexibility to raise capital when conditions allow. Edelman framed the approval as a step toward redefining the company.
Metaplanet has spent two years turning itself into a leveraged bitcoin vehicle on the Tokyo Stock Exchange, and now holds 44,000 BTC, the second-largest corporate treasury behind Strategy, according to industry data cited by Cointelegraph. The Superplanet structure gives the group a second listed treasury platform, this one with a dollar investor base and U.S. preferred-stock plumbing.
The choice of preferred stock follows a market read Super League filed with the SEC on Oct. 15. In that DEFA14A, the company said the U.S. market for preferred securities issued by bitcoin treasury companies had grown large enough to support new entrants, and that the structure would add a funding source for bitcoin purchases without relying primarily on conventional debt. It complements Metaplanet's existing yen-denominated financing in Japan. Earlier in October the Tokyo parent also proposed allocating up to 15% of total assets to strategic investments meant to help finance bitcoin purchases and dividend payments.
Super League's operating business connects brands with what the company describes as a 3.3 billion-person global gaming audience through advertising and branded content across gaming and digital media platforms. That business stays. The treasury overlay sits on top of it, making Superplanet a hybrid: a gaming revenue line funding, at least indirectly, a bitcoin balance sheet controlled from Tokyo.
Closing is expected in the fourth quarter of 2026, subject to customary conditions including required filings with the Nasdaq Capital Market. The shareholder vote was a required step, not the final one. Super League said the arrangement is intended to govern when Metaplanet can dispose of its equity after closing, without detailing exceptions in the announcement. Shares of Super League moved higher on the news.