According to the announcement on Monday and the documents submitted to the U.S. Securities and Exchange Commission (SEC), shareholders have approved the issuance of up to 435.9 million ordinary shares under agreements involving Metaplanet and Evo Fund.

Metaplanet will invest 2,100 bitcoins (BTC) and $2.5 million in cash in exchange for 44.86 million ordinary shares, 100 convertible perpetual preferred shares with governance rights, as well as warrants to subscribe for additional ordinary shares within 10 years.

This transaction will grant Metaplanet control over the company, including the ability to appoint the majority of board members and to approve major corporate decisions. The ordinary shares held by Metaplanet will be subject to a five-year lock-up period.

As part of the transaction, Super League plans to be renamed Superplanet and will adopt the NASDAQ stock code SUPA. The strategic focus is on increasing the number of bitcoins held per share.

Metaplanet Bitcoin Strategic Director Dylan LeClair indicates.

As Metaplanet continues to increase its Bitcoin holdings, this transaction has also followed. According to industry data, the company has now accumulated a total of 44,000 BTC, making it the second-largest listed company Bitcoin holder after Strategy.

Metaplanet seeks to provide funding for Bitcoin purchases through the US market

This transaction will enable Metaplanet to raise funds in US dollars through the issuance of preferred stocks, complementing its existing yen-denominated financing in Japan.

In the document submitted to SEC on October 15th, Super League indicated that the preferred securities issued by Bitcoin Treasury Company have developed to a scale that is sufficient to support new entrants in the US market. The proposed financing structure will provide another source of funds for purchasing Bitcoin, without having to rely primarily on traditional debt.

As Metaplanet revises its broader investment strategy, this expansion is also being pursued. Earlier this month, the company proposed to allocate up to 15% of its total assets to strategic investments in order to help fund Bitcoin purchases and dividend payments.