Metaplanet Wins Vote to Rival Strategy for U.S. Bitcoin Capital

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• Super League shareholders approved Metaplanet’s 2,100 BTC investment and the switch to the Superplanet name.
• Superplanet gives Metaplanet a Nasdaq vehicle for raising money from U.S. investors.
• The company will compete with Strategy for buyers of Bitcoin-backed preferred stock.
• Strategy holds roughly 400 times more Bitcoin than Superplanet will at closing.

Metaplanet is one closing step away from competing with Strategy on its home market. Shareholders of Nasdaq-listed Super League Enterprise (SLE) approved every proposal tied to the Japanese company’s investment of 2,100 BTC and $2.5 million in cash at their October 16 annual meeting, Super League announced on October 19. Once the deal closes, which both sides expect in the fourth quarter of 2026, Super League becomes Superplanet, Inc., trades as SUPA and serves as Metaplanet’s channel to American investors, the same pool of capital Michael Saylor’s Strategy used to build the largest corporate Bitcoin treasury in the world.

Dylan LeClair, who leads Bitcoin strategy at Metaplanet, confirmed on X that stockholders also approved raising the number of authorized preferred shares from 10 million to 100 million, the change that gives Superplanet room to issue preferred stock at scale.

The vote hands Metaplanet control of a Nasdaq company and its board

Metaplanet contributes the coins through its U.S. subsidiary, Metaplanet Holdings, in exchange for 44,859,400 new shares at $3 each, plus preferred stock and warrants. It will control about 95.7% of the common equity and five of nine board seats, one of them for CEO Simon Gerovich. The 95.7% figure comes from the August terms. Based on the roughly 3.0 million Super League shares outstanding on September 29, LeClair puts Metaplanet’s stake at about 93.7%. Control runs through 100 shares of Strategic Alliance Preferred Stock, which pay no dividend and carry no liquidation preference. They exist purely for governance: while Metaplanet holds them, its consent is required for charter amendments, mergers and the appointment of a board majority. Super League’s gaming advertising business continues as a separate segment under CEO Matt Edelman.

Why Metaplanet needs a U.S. listing to sell preferred stock

Metaplanet already raises money in Tokyo. What it lacks is access to the U.S. market for perpetual preferred stock, a security with no maturity date that pays investors a dividend and ranks ahead of common shareholders. Strategy turned that market into its main funding engine.

Superplanet plans to use its Bitcoin as the collateral base for non-convertible perpetual preferred issues, and Metaplanet’s entire economic interest will rank junior to them. Money raised this way buys Bitcoin without creating new common shares. Bitcoin per share then rises at Superplanet and, because the subsidiary is consolidated, at Metaplanet too. LeClair wrote that the plan is to issue senior preferred stock rather than debt. That is a clear difference from Strategy, which still carries more than $6 billion in convertible bonds that rank ahead of its preferred holders.

Benchmark-StoneX analyst Mark Palmer, who calls Metaplanet the Strategy of Japan, pointed out that the company funds the deal with its own Bitcoin instead of discounted third-party capital. That separates it from the shell company deals that flooded the sector over the past two years.

A 400-to-1 gap in Bitcoin, but the same playbook

Strategy held 848,517 BTC as of October 18, according to its latest weekly filing. Superplanet will start with a fraction of a percent of that. The contest, however, is about investor money rather than coins. Strategy brings scale and a recognizable brand. Superplanet’s case rests on structure: the group can raise in Japan and the U.S. at the same time and lean on whichever market offers better terms, while gaming ad revenue helps cover preferred dividends.

Strategy now spends $9 defending STRC for every $1 on Bitcoin

Preferred stock is not free money. Between October 12 and 18, Strategy spent $193.1 million buying back STRC preferred shares and only $22.1 million on 267 BTC, and it raised its repurchase authorization from $2 billion to $3 billion. Each retired STRC share removes a monthly dividend, and keeping the price near its $100 face value protects the channel Strategy uses to raise money. Superplanet will face the same arithmetic on a much smaller balance sheet, where a weak preferred price would hurt faster.

Bitcoin’s rally added $37.9 million Metaplanet won’t be paid for

The share count was locked using the August 14 price of about $62,905 per coin. By October 16, Bitcoin traded near $80,952, lifting the value of the contribution by 28.7%. Metaplanet receives no extra shares, so Superplanet starts with more assets behind each share than the original terms implied. Super League also bought its first coin on October 10 for $83,041.40, a small step that forced it to set up custody and accounting before the larger transfer.

Warrants worth billions exist only on paper

Metaplanet receives ten-year warrants on up to 381 million more shares at $3 to $33.50, plus a 24-month right to buy up to $210 million in Junior Liquidity Support Preferred Stock. If issued, it would pay SOFR, the benchmark U.S. overnight lending rate, plus 4 percentage points, and rank below any senior preferred Superplanet sells to outside investors. In practice, Metaplanet would stand behind those investors as a cushion. Neither the warrants nor the preferred subscription right is committed cash. Exercising the warrants also dilutes the existing holders, who keep roughly 4% to 6% of the common equity at closing, depending on which share count is used.

Where SUPA trades against its Bitcoin decides the contest

The number that will matter most after closing is the ratio between Superplanet’s market value and the value of its Bitcoin. Above 1, new issuance adds Bitcoin per share. Below 1, every raise dilutes. Edelman wrote in his October 6 letter to stockholders that the company would favor structures that grow Bitcoin per share, and Superplanet plans to publish that metric once the deal closes. Nasdaq’s review is the last formal step before the SUPA ticker goes live.