Metaplanet has entered into a binding agreement with Super League Enterprise, whereby the Japanese company will contribute 2,100 BTC (approximately $132.1 million) and $2.5 million in cash. In return, it will receive 44,859,400 common shares priced at $3 each, alongside preferred securities and warrants.
Following the completion of this transaction, Super League will rebrand itself as Superplanet, adopting the ticker symbol SUPA. Metaplanet will secure approximately 95.7% of the voting shares and will have the authority to appoint five out of nine directors. The amount of Bitcoin being transferred represents less than 5% of the "Japanese Strategy" reserves, which currently stand at 43,000 BTC.
The deal is expected to close in the fourth quarter, pending approval from Super League shareholders and regulatory clearances in both the U.S. and Japan.