Super League Enterprise shareholders approved Metaplanet's investment proposal at the company's Oct. 16 annual meeting. The agreement, originally announced Aug. 18, consists of 2,100 BTC and $2.5 million in cash from Metaplanet's U.S. subsidiary.
When the reference price was established on Aug. 14, the bitcoin was valued at approximately $132.1 million. By the shareholder meeting on Oct. 16, its value had increased to approximately $170 million.
Transaction Details and Timeline
Metaplanet will receive 44,859,400 common shares priced at $3 each, convertible preferred stock, and 10-year warrants covering up to 381 million additional shares with exercise prices ranging from $3 to $33.50. The arrangement also grants Metaplanet rights to invest an additional $210 million through preferred securities over 24 months.
Metaplanet's common shares and certain future shares are subject to a five-year lockup, with limited exceptions. The companies expect to close the transaction during the fourth quarter, pending customary conditions and required Nasdaq filings.
New Corporate Structure
Following the transaction's completion, Super League will become Superplanet Inc. and trade on Nasdaq under the ticker SUPA. The company will operate as Metaplanet's U.S. bitcoin treasury platform while maintaining its existing advertising operations.
Corporate Histories
Super League began in 2014 as Nth Games, organizing amateur esports competitions before expanding into gaming advertising, Roblox experiences, and branded entertainment. The company made its Nasdaq debut in 2019 and underwent rebranding in 2023. Shares of SLE rose 6.9% on the announcement.
Metaplanet evolved from budget hospitality operations into a bitcoin accumulation business under CEO Simon Gerovich. After adopting bitcoin as its primary treasury asset in April 2024, the company accumulated 44,000 BTC by Sept. 30, 2026, ranking it as the world's second-largest publicly traded corporate holder of bitcoin.
