Key Takeaways:
Metaplanet is taking a controlling stake in Nasdaq-listed Super League to build a US Bitcoin treasury platform, Superplanet.
Metaplanet will contribute 2,100 Bitcoin, valued at about $132.1 million, plus $2.5 million in cash to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise, creating a US Bitcoin treasury platform named Superplanet.
"Japan gave us our foundation. America will give us a second engine," Simon Gerovich, chief executive officer of Metaplanet, said in a post on X. "We built one of the world's largest Bitcoin treasuries from Japan. Superplanet is how we build in America, the deepest capital market in the world."
The investment totals about $134.6 million. Metaplanet will receive 44.9 million common shares at $3.00 each, 100 convertible perpetual preferred shares carrying the right to designate a majority of the board, and ten-year warrants for up to 381 million additional shares at exercise prices from $3.00 to $33.50. Super League will be renamed Superplanet, Inc. and trade under the ticker SUPA, with its gaming media business continuing as a separate operating segment.
The deal gives Metaplanet a second listed platform to raise capital — Superplanet in the US and Metaplanet in Japan — to fund further Bitcoin accumulation. Closing is expected in Q4 2026, subject to Super League shareholder approval and regulatory procedures in both countries.
The 2,100 Bitcoin represents about 4.9% of Metaplanet's 43,000 BTC holdings, which rank third among corporate Bitcoin treasuries of publicly traded companies. Metaplanet will also hold a 24-month subscription right to invest up to $210 million in non-convertible junior liquidity preferred stock, and all its Superplanet equity is subject to a five-year lock-up.
Superplanet plans to use its Bitcoin as collateral for future preferred stock offerings, with operating income and other cash flows covering dividends. Capital raised without issuing common shares is expected to increase Bitcoin per share across both listed platforms, according to the companies. Matthew Edelman, Super League's chief executive, will lead Superplanet, with Metaplanet appointing five of nine directors.
SLE shares surged more than 85% to $5.66 on the announcement, while Metaplanet stock closed 5.07% higher at 228 yen. Existing Super League holders will be diluted to about 4.3% ownership after closing. Bitcoin traded near $64,000, up about 1.5% over 24 hours, as the broader digital-asset market held steady.
The deal follows a difficult year for digital-asset treasury companies, with falling stock prices pushing some firms to sell Bitcoin or pivot away from the strategy. Metaplanet's move to add a US listing gives it access to deeper capital markets as it continues accumulating Bitcoin, and positions Superplanet as a Nasdaq-listed alternative to Strategy for investors seeking Bitcoin exposure through equities.
This article is for informational purposes only and does not constitute investment advice.
