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Super League shareholders approve proposals for Metaplanet’s 2,100 BTC deal

Super League shareholders approved proposals tied to Metaplanet’s planned 2,100-Bitcoin and $2.5 million investment, moving the deal toward a fourth-quarter close.

Crypto Bulletin Newsroom 2 min read

Super League shareholders approve proposals for Metaplanet’s 2,100 BTC deal

Super League stockholders approved proposals tied to Metaplanet’s planned 2,100-Bitcoin investment at the company’s October 16 annual meeting, moving the proposed deal closer to completion, Super League’s October 19 announcement said. The approval covers proposals related to the investment; the transaction itself remains subject to closing conditions.

Under the agreement, Metaplanet, through its wholly owned U.S. subsidiary, would contribute 2,100 Bitcoin and $2.5 million in cash at closing. Super League said the Bitcoin was valued at about $170 million on October 16, compared with about $132.1 million using the agreement’s August 14 reference price.

What will Metaplanet receive for the Bitcoin?

At closing, Metaplanet is set to receive 44,859,400 Super League common shares priced at $3 each, according to the company. The share count was fixed using Bitcoin’s August 14 reference price and will not change with Bitcoin’s price before closing.

The agreement also provides for 100 shares of convertible perpetual preferred stock and ten-year warrants to buy up to 381 million additional common shares in four tranches. Their exercise prices range from $3 to $33.50 per share. Those warrants could provide additional capital if exercised, but the company has not received that money.

When could the deal close?

Super League expects the transaction to close in the fourth quarter of 2026, subject to customary conditions, including required Nasdaq filings. Until closing, the proposed Bitcoin contribution and company rebrand remain pending.

If the transaction closes, Super League plans to change its name to Superplanet, Inc. and trade on Nasdaq under the ticker SUPA. The company said its advertising and media activation business would continue as a distinct operating segment, with Matt Edelman remaining chief executive.

The Bitcoin would be transferred in kind at closing, establishing the company’s proposed treasury without open-market purchases, according to Super League. Metaplanet has also agreed to a five-year lock-up on specified shares it receives, subject to exceptions.

Sources