Super League Shareholders Approve Metaplanet’s Proposal To Launch U.S. Bitcoin Treasury Firm

Super League shareholders have approved a proposal from the Japanese-based Bitcoin treasury firm Metaplanet to establish a U.S. BTC treasury and rename the company as Superplanet. Under the proposal, the Japanese company will hold more than 93% of the common stock as it invests 2,100 BTC and cash in Superplanet.

Ad

Ad

Super League Shareholders Approve Metaplanet’s Proposal

In an X post, Metaplanet CEO Simon Gerovich announced that Super League shareholders approved the proposal, marking an important step in the Japanese company’s move to become a “global Bitcoin-native financial platform.” Upon closing the agreement, Super League will become Superplanet, the company’s U.S. Bitcoin treasury firm.

The approval comes two months after CoinGape first reported that Metaplanet will invest 2,100 BTC to launch Superplanet by taking a controlling stake in Super League. Commenting on the significance of this move, Gerovich noted that it will give them direct access to the U.S. capital markets and more flexibility in raising capital.

“Together with Metaplanet Securities in Japan, we will have complementary platforms in two of the world’s most important capital markets, enabling us to raise and deploy capital internationally while advancing our ambitions across Bitcoin treasury, financing, financial products and asset management,” the Metaplanet CEO said.

Ad

Ad

Details Of The Proposed Transaction

The company’s head of Bitcoin Strategy, Dylan LeClair, noted in an X post that at closing, the Japanese company will contribute 2,100 BTC and $2.5 million cash. In exchange, it will receive 44.86 million common shares, 100 shares of Strategic Alliance Preferred Stock, and common stock warrants representing up to $3.4 billion in potential equity capital.

At closing, Metaplanet would own almost 94% of Superplanet’s common stock. The company’s shares will be subject to a five-year lock-up. “The Strategic Alliance Preferred carries no preferred dividend or liquidation preference; its purpose is governance. While Metaplanet holds it, Metaplanet’s consent is required for charter amendments, mergers or changes of control, and designation of a board majority,” LeClair also explained.

Meanwhile, Superplanet plans to grow its Bitcoin holdings by issuing senior, non-convertible perpetual preferred stock. At the starting BTC holdings of 2,100 bitcoin, the company would rank as the 35th-largest Bitcoin treasury firm, according to BitcoinTreasuries data.

The Super League stock has surged amid Metaplanet’s announcement of approval from shareholders. The SLE stock is trading at around $5, up over 9% today, according to TradingView data. The stock has also surged over 61% in the last three months.

To trade stocks, check out Best Platforms to Trade Tokenized Stocks