Metaplanet, the third-largest corporate Bitcoin holder in the world, is taking a roughly 96% stake in Nasdaq-listed Super League Enterprise through a $134.6 million deal that will transform the gaming-media company into its U.S. Bitcoin treasury platform. Under the agreement announced Monday, Metaplanet will contribute 2,100 Bitcoin valued at approximately $132.1 million, together with $2.5 million in cash, in exchange for 44.9 million newly issued shares of common stock priced at $3.00 each, plus preferred stock and warrants. Super League will be renamed Superplanet, Inc. and trade under the ticker SUPA upon closing, which is expected in the fourth quarter of 2026 subject to shareholder and regulatory approvals.
A Dual-Listed Treasury Strategy
The deal creates a Bitcoin treasury platform spanning two of the worlds largest capital markets. Metaplanet, listed on the Tokyo Stock Exchange, currently holds 43,000 BTC, making it the third-largest publicly traded Bitcoin treasury behind Strategy and Twenty One Capital. Superplanet will start with 2,100 BTC, representing roughly 4.9% of Metaplanets total holdings, but is designed to accumulate further Bitcoin through capital raises that do not dilute common shareholders. CEO Simon Gerovich described the structure as a way to compound a single group-level Bitcoin position across two listed platforms. We are putting our own Bitcoin in, locking up our shares, and backing Super League with our balance sheet and expertise, Gerovich said in the press release. All Bitcoin contributed by the consolidated group will remain within it and be consolidated within Metaplanets financial statements.
Structure and Terms
Metaplanet will hold approximately 95.7% of Superplanets issued common stock after closing and will have the right to designate a majority of directors on the boards board through convertible perpetual preferred stock. The company also receives ten-year warrants to purchase up to 381 million shares in four tranches at exercise prices ranging from $3.00 to $33.50 per share. For 24 months after closing, Metaplanet will have a subscription right to invest up to an additional $210 million in Superplanet through junior liquidity preferred stock. All shares issued to Metaplanet are subject to a five-year lock-up, reflecting the firms long-term commitment. Superplanets existing gaming-media business, which serves global brands reaching 3.3 billion video game players, will continue as a separate operating segment under CEO Matthew Edelman. The transaction is structured as a private placement of newly issued securities and is not a reverse takeover or SPAC transaction. Super League shares surged as much as 80% following the announcement before settling around 53% higher. Metaplanet shares rose over 4% on the Tokyo exchange.
Sources: GlobeNewsWire; The Block; CoinDesk; Super League Enterprise investor relations
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