News about Metaplanet

Super League shareholders approved a deal giving Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake. Metaplanet will contribute 2,100 BTC and $2.5 million in cash for 44.86 million common shares, 100 convertible perpetual preferred shares with governance rights, and 10-year warrants, gaining the power to designate a majority of the board. Its common shares face a five-year lock-up. Super League will rebrand as Superplanet under the ticker SUPA and fund Bitcoin purchases mainly through senior non-convertible perpetual preferred shares rather than debt, with Metaplanet able to invest up to $210 million in junior preferred stock. The deal lets Metaplanet raise US-dollar capital, complementing its yen financing; the company already holds 44,000 BTC, second only to Strategy among public corporate holders.