Super League Enterprise shareholders have approved a transaction that will provide the gaming company with 2,100 BTC and $2.5 million in cash from Japanese bitcoin treasury business Metaplanet.
The decision was announced on Monday after every proposal linked to Metaplanet’s investment was passed at Super League’s annual meeting on 16 October. The agreement was initially announced on 18 August and is being completed through Metaplanet’s US subsidiary.
The bitcoin was worth about $132.1m when the deal’s reference price was set on 14 August. By 16 October, its value had risen to approximately $170m, meaning the holding had increased by $37.9m before the transaction had closed.
Subject to customary closing conditions and required Nasdaq filings, the deal is expected to be completed during the fourth quarter. Super League will then be renamed Superplanet Inc., will trade on Nasdaq under the ticker SUPA, and will serve as Metaplanet’s US bitcoin treasury platform.
As part of the agreement, Metaplanet will receive 44,859,400 Super League common shares at $3 each. It will also receive convertible preferred stock and 10-year warrants allowing it to acquire up to 381 million further shares. The warrants have exercise prices ranging from $3 to $33.50.
Metaplanet will additionally have the right to invest a further $210m through preferred securities over a 24-month period. Its common shares, along with certain shares issued in the future, will be subject to a five-year lock-up, apart from specified exceptions.
Super League Chairman, CEO and President Matt Edelman thanked shareholders for supporting the proposal.
“I’m deeply grateful to our stockholders for their support. Their approval brings us one step closer to redefining what this company can become,” he said. “If the transaction closes, we would no longer be defined solely by our current scale.”
Super League was founded in 2014 as Nth Games. It initially organised amateur esports competitions before expanding into gaming advertising, Roblox experiences and branded entertainment. The company listed on Nasdaq in 2019 and underwent further strategic changes, including a rebrand in 2023. Its shares rose 6.9% by the close of trading after the announcement.
Metaplanet has undergone a similarly significant transformation. The Japanese company began in budget hospitality, an area hit hard by the Covid-19 pandemic, before becoming a bitcoin accumulation business under chief executive Simon Gerovich.
After adopting bitcoin as its primary treasury asset in April 2024, Metaplanet had accumulated 44,000 BTC by 30 September 2026. It is described as the world’s second-largest publicly traded corporate holder of bitcoin.
The agreement will leave Super League’s advertising operation in place while giving the company a new financial identity linked to Metaplanet’s bitcoin strategy across Nasdaq and Tokyo.
Separately, Bitfinex Securities has made shares in Strategy and Metaplanet available as tradable tokens for the first time, giving eligible investors exposure.
