Shareholders of Super League, a Nasdaq-listed digital media and video game enterprise, officially voted on October 19, 2026, to approve a strategic merger agreement with Japanese Bitcoin treasury company Metaplanet. Following the completion of closing procedures expected in quarter 4 of 2026, Metaplanet will hold up to 93.7% ownership in the company.

According to a filing with the U.S. Securities and Exchange Commission (SEC), Metaplanet will contribute 2,100 BTC alongside 2.5 million USD in cash. In return, the Japanese company will receive 44.86 million common shares, 100 perpetual preferred shares carrying controlling voting rights, and common stock purchase warrants with a term of 10 years. These common shares will be subject to a lock-up transfer restriction period of 5 years.

Rebranding to Superplanet and Opening a USD Fundraising Channel

This deal paves the way for a comprehensive restructuring plan for Super League:

  • Name and ticker change: The company will rebrand to Superplanet and trade on Nasdaq under the new ticker symbol SUPA.

  • U.S. Bitcoin treasury model: Superplanet will operate as Metaplanet’s U.S.-listed Bitcoin treasury platform, with the strategic goal of maximizing Bitcoin holdings per share.

  • Fundraising via preferred shares: Rather than relying on traditional debt burdened by high interest rate pressures, Superplanet plans to raise USD capital to acquire additional Bitcoin by issuing perpetual non-convertible preferred shares. In addition, Metaplanet reserves the right to invest up to an additional 210 million USD into secondary preferred shares to provide liquidity support for the new entity.

Expansion Leverage Beyond Japan’s Domestic Market

Metaplanet is currently the world’s second-largest publicly traded corporate holder of Bitcoin, with total accumulated holdings of approximately 44,000 BTC, trailing only the U.S. firm Strategy. Expanding onto Nasdaq enables Metaplanet to diversify its financing sources, pairing Japanese yen bond issuances with large-scale USD capital-raising channels from North American institutional investors.

However, Super League shareholder approval is merely a necessary condition. The long-term effectiveness of this model in the U.S. will depend entirely on whether Superplanet can maintain a share price higher than its net asset value (NAV) to continue issuing new shares, particularly as Wall Street investors become increasingly discerning toward digital treasury vehicles.