Super League shareholders approve Metaplanet’s 2,100 BTC investment

Metaplanet moved closer to establishing a US-listed Bitcoin treasury platform after Super League shareholders approved its proposed investment.An Oct. 19 SEC filing showed shareholders approved every proposal at the company's Oct. 16 annual meeting, clearing a major condition for the Japanese Bitcoin treasury firm's planned takeover of the Nasdaq-listed advertising company.The approvals included issuing up to 435.9 million common shares under agreements with Metaplanet and investment firm Evo Fund. The principal issuance proposal received 1.06 million votes in favor against 25,314 opposed.Under the agreement, Metaplanet will contribute 2,100 BTC and $2.5 million in cash in exchange for 44.86 million newly issued common shares priced at $3 each. Dylan LeClair, Metaplanet's Director of Bitcoin Strategy, estimated approximately 93.7% ownership at closing using Super League's Sept. 29 share count.The Bitcoin contribution was valued at approximately $170 million as of Oct. 16, up from $132.1 million when the agreement was priced in August. However, the number of shares Metaplanet will receive remains fixed despite the increase in Bitcoin's dollar value.Once completed, the transaction wi...