Metaplanet Holdings, Inc., the U.S. subsidiary of Metaplanet, Inc., plans to gain control of Nasdaq-listed Super League Enterprise, Inc. through a Bitcoin (BTC) deal that would sharply dilute existing shareholders.
Super League’s proxy estimates that the 44,859,400 common shares planned for the initial closing would give Metaplanet Holdings 95.7% of its common stock, based on shares outstanding Aug. 17, 2026. Existing stockholders other than Evo Fund would hold about 3.9% immediately after the issuance. The estimates exclude warrant exercises and preferred-share conversions, and the actual ownership percentages could change.
Metaplanet Holdings would transfer 2,100 BTC and $2.5 million in cash in exchange for those initial shares, priced at $3 each. The proxy says the cash is intended to cover transaction expenses. Super League says receiving Bitcoin directly would establish its treasury without buying the asset on the open market.
The subsidiary would also receive 100 convertible perpetual preferred shares and 10-year warrants to purchase up to 381 million additional common shares. A separate option would let it subscribe for up to $210 million of preferred stock within two years after closing. Metaplanet, Inc. would control Super League through its subsidiary if the transaction is completed.
At its Oct. 16 annual meeting, Super League’s stockholders approved a share issuance proposal covering up to 435,859,500 common shares under agreements with Metaplanet Holdings and Evo Fund, according to a securities filing. That total includes shares that could be issued later, beyond the initial closing allotment. The vote cleared a required Nasdaq step but did not approve the transaction agreements themselves.
If the deal closes, Super League plans to take the name Superplanet, Inc. and trade under the ticker SUPA. Its advertising and media activation operations would continue within the renamed company. Super League expects to close the transaction in the fourth quarter of 2026, subject to remaining conditions including required Nasdaq filings.
