Super League approves the creation of Metaplanet's bitcoin treasury

Shareholders of Super League have approved the proposal by Japan's Metaplanet to establish a bitcoin treasury in the US and rename the company to Superplanet. Metaplanet will invest 2,100 BTC and receive over 93% of common shares.

The approval was announced on X by Metaplanet CEO Simon Gerovich, calling it an important step towards transforming the company into a 'global bitcoin-focused financial platform.' The approval came two months after CoinGape first reported on Metaplanet's plans to gain control over Super League.

"Together with Metaplanet Securities in Japan, we will have complementary platforms in two of the world's most important capital markets – this will allow us to attract and deploy capital internationally, developing treasury, financing, financial products, and asset management," said Gerovich. He also noted that the deal provides direct access to US capital markets and more flexibility in raising funds.

Head of Bitcoin Strategy Dylan LeClair disclosed the details: at the time of closing, Metaplanet will contribute 2,100 BTC and $2.5 million in cash. In return, it will receive 44.86 million common shares, 100 shares of Strategic Alliance Preferred Stock, and warrants representing up to $3.4 billion in potential equity capital. Metaplanet's stake in Superplanet's common shares will be nearly 94%, with its shares under a five-year lock-up.

Strategic Alliance Preferred does not provide for any preferred dividend or liquidation preference – its purpose is in governance: as long as Metaplanet owns it, its consent is required for charter amendments, mergers or changes of control, as well as the appointment of the majority of the board of directors.

Superplanet plans to increase its bitcoin holdings through the issuance of senior non-convertible perpetual preferred stock. With the initial 2,100 BTC, the company will rank 35th among bitcoin treasury companies according to BitcoinTreasuries.

SLE shares are trading around $5 following the approval, gaining over 9% on the day; over three months, they have risen by more than 61%, according to TradingView.