Ropes & Gray is representing Evo Fund in Japan bitcoin treasury Metaplanet’s plan to invest 2,100 bitcoin, valued at approximately $132 million, in Nasdaq-listed Super League Enterprise as part of a deal to establish a U.S.-based bitcoin treasury platform.
Metaplanet would contribute the bitcoin and $2.5 million in cash in exchange for common shares, preferred stock and warrants, and is expected to own 95.7% of the company following the transaction. The deal is expected to close in the fourth quarter of 2026 following shareholder and regulatory approvals.
Super League will be renamed Superplanet, Inc. and adopt the Nasdaq ticker SUPA. The company will become Metaplanet’s U.S.-listed bitcoin treasury, alongside its Tokyo-listed parent, which holds about 43,000 bitcoin and ranks third among corporate bitcoin holders worldwide.
Metaplanet will receive ten-year warrants to purchase up to 381,000,000 shares of common stock in four tranches at various exercise prices. Evo Fund will separately receive warrants to purchase up to 10,000,000 shares of common stock in two tranches at various exercise prices.
The Ropes & Gray team is led by capital markets partner Christopher Capuzzi and includes associate Emily Weiss-Cook.
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