Nasdaq-listed Super League Enterprise announced on October 19 that its stockholders had approved all proposals related to Metaplanet’s in-kind contribution of 2,100 bitcoin (BTC) at the company’s annual meeting on October 16.
The transaction is expected to close in the fourth quarter of 2026. The contribution will be made by Metaplanet Holdings, Metaplanet’s wholly owned U.S. subsidiary. It will contribute 2,100 BTC and $2.5 million in cash. In exchange, it will receive 44,859,400 shares of common stock at $3 per share, 100 shares of Strategic Alliance Preferred Stock, and 10-year warrants to purchase up to 381 million shares.
After closing, the Metaplanet group is expected to own about 95.7% of Super League’s common stock. Metaplanet will designate five of the company’s nine directors, and Super League will become a consolidated subsidiary of Metaplanet. The company plans to change its name to “Superplanet, Inc.” and its ticker symbol from “SLE” to “SUPA.”
The core share issuance proposal received 1,055,621 votes in favor, 25,314 against, and 19,343 abstentions. Stockholders also passed proposals to increase the number of authorized shares and to change the company’s name.
“We are deeply grateful for the support of our stockholders,” Super League Chairman, CEO and President Matt Edelman said in the announcement. “This approval brings us one step closer to redefining what our company can become.” He added: “Once the transaction closes, we will no longer be a company defined solely by our current scale. Alongside a business that counts many of the world’s best-known brands as clients, we will have a treasury funded by 2,100 BTC and the long-term backing of one of the world’s largest corporate bitcoin holders.”
Metaplanet Representative Executive Officer and CEO Simon Gerovich also announced the approval on X on October 19. He described it as a key step in Metaplanet’s transformation from a bitcoin treasury company into a global, bitcoin-centered financial platform. On October 20, the first day of trading on the Tokyo Stock Exchange after the approval, Metaplanet shares stood at ¥261 as of 2:24 p.m., down 2.24% from the previous close.
The number of shares to be issued was calculated using bitcoin’s closing price on Coinbase Exchange on August 14 and is now fixed.
As a result, Metaplanet will contribute BTC worth about $38 million more than at the time of the August agreement to receive the same 44,859,400 shares. However, because Metaplanet will own about 95.7% of Super League’s common stock after closing, most of the value of the contributed BTC will stay within the Metaplanet group.
Super League, meanwhile, reported revenue of about $3,009,000 for the April–June quarter of 2026. As of October 16, the 2,100 BTC was worth roughly 56 times that quarterly revenue. The number of new common shares to be issued is also about 22 times the 1,997,573 shares outstanding as of August 17.
Super League has also begun buying BTC on its own. It made its first purchase on October 10, buying 1 BTC for $83,041.40, and added 2 BTC on October 16 at an average price of $81,444.82.
Metaplanet held 44,000 BTC as of September 30, making the 2,100 BTC contribution about 4.8% of its holdings. In its August 18 announcement, the company said the purpose of the investment was to increase BTC holdings per share of common stock on a consolidated basis.
“We built one of the world’s largest bitcoin treasuries from Japan,” Gerovich said at the time. “Superplanet is how we build in America, the deepest capital market in the world.” Super League’s advertising business will continue as a separate segment, and Edelman is expected to remain CEO.
Several conditions must still be met before the deal can close, including filings with Nasdaq. Metaplanet, which also approved the establishment of an asset management company in Hong Kong in September, continues to expand its business outside Japan.
New Business Opportunities in Bitcoin Investment Strategy — An Interview with Simon Gerovich
