Tokyo-listed Metaplanet (MTPLF) is taking its bitcoin-treasury playbook stateside. The company will swap 2,100 BTC and cash for a controlling stake in Nasdaq-listed Super League Enterprise, a deal valued at roughly $135 million.
Metaplanet is contributing the 2,100 bitcoin, worth about $136 million at current prices per The Block, along with $2.5 million in cash. In return it receives new shares, preferred stock and warrants in the gaming-media company. Decrypt put the BTC portion at roughly $132 million. The gap comes down to which spot price each outlet used.
Super League Enterprise becomes Superplanet, Inc. Ticker: SUPA. Metaplanet will hold approximately 95.7% of common stock when the deal closes, expected in the fourth quarter of 2026.
The market reacted fast. Super League (SLE) surged as much as 80% in Tuesday’s first hour of trading before settling around 50%, The Block reported. Metaplanet shares edged up a little over 4%.
Simon Gerovich, Metaplanet’s CEO, framed the move as a play for US capital. “We’ve built one of the world’s largest Bitcoin treasuries from Japan,” he said in the announcement. “Superplanet is how we build in America, the deepest capital market in the world.”
The structure is not another shell-and-PIPE bitcoin deal. Metaplanet is paying with bitcoin off its own balance sheet, about 5% of its 43,000 BTC total, rather than raising discounted third-party capital. Shares carry a five-year lock-up.
Mark Palmer, an analyst at Benchmark-StoneX who rates Metaplanet a buy, said the company is deploying its own bitcoin, locking up shares and standing behind the new firm to compound a single group position across two listed platforms. Benchmark flagged the same point: no discounted outside money.
The share count locked in on August 14. It will not drift with bitcoin’s price before closing, Palmer said, and equity was struck near Super League’s prior close rather than at a markdown.
Metaplanet will buy 44.9 million new Super League shares at $3 each, plus the preferred stock and warrants, The Block reported. Superplanet keeps Super League’s existing advertising business as a separate segment while serving as Metaplanet’s US-listed bitcoin treasury.
After closing, Superplanet will publish its own bitcoin-per-share metrics. The Block reported the company plans to use bitcoin as collateral for perpetual preferred stock offerings, mirroring the model Strategy (formerly MicroStrategy) uses, with operating income covering dividends.
The deal extends Metaplanet’s push beyond simply holding bitcoin. The firm recently acquired Japanese brokerage Siiibo Securities to develop bitcoin-backed fixed-income products called “Bitbonds,” part of what it calls “Project Nova,” a strategy to build bitcoin-based financial infrastructure rather than just accumulate the asset.
Metaplanet ranks as the third-largest publicly traded bitcoin treasury, behind Strategy and Twenty One Capital, per the announcement.
Exact figures for the transaction differ across reporting. The Block puts the deal value at $134.6 million; Decrypt reports approximately $132 million. Both say the bitcoin was valued at “current prices” without specifying the spot used. CoinDesk did not render for this article, so its headline $135 million figure could not be corroborated against the page.
