Japanese Bitcoin treasury company Metaplanet has agreed to contribute 2,100 bitcoin and $2.5 million in cash to Nasdaq-listed Super League Enterprise, securing approximately 95.7 percent ownership and transforming the target into a dedicated US bitcoin treasury vehicle to be renamed Superplanet.

The transaction, valued at roughly $134.6 million based on bitcoin’s closing price on Coinbase at 4 p.m. New York time on August 14, uses existing holdings rather than new purchases. The 2,100 bitcoin represents about 4.9 percent of Metaplanet’s reported 43,000 bitcoin treasury, which ranks the firm as the third-largest corporate holder among public companies.

Deal Structure and Ownership Details

Metaplanet will receive 44,859,400 newly issued Super League common shares priced at $3.00 each, along with convertible perpetual preferred stock and ten-year warrants covering up to 381 million additional common shares across four tranches with exercise prices ranging from $3.00 to $33.50. A separate investor, Evo Fund, will receive warrants for up to 10 million shares.

The preferred shares grant Metaplanet voting rights sufficient to appoint a majority of the board. After closing, Metaplanet is expected to control five of nine director seats, including appointments for CEO Simon Gerovich and two others, while four existing Super League directors, including current CEO Matthew Edelman, remain. Edelman will continue as chief executive of the renamed company. All shares issued to Metaplanet at closing or through later exercises and conversions carry a five-year lock-up.

Metaplanet also holds a 24-month right to subscribe for up to 2.1 million shares of non-convertible junior liquidity preferred stock at $100 per share, potentially adding another $210 million in capital.

Strategic Rationale and Dual-Market Approach

Once completed, Super League will operate as Superplanet, Inc., trading under the proposed Nasdaq ticker SUPA. Its existing immersive gaming, content and advertising business will continue as a distinct operating segment. Bitcoin contributed by Metaplanet will remain within the consolidated group and appear in Metaplanet’s financial statements.

The structure creates two listed platforms: Metaplanet raising capital primarily in yen through Japanese markets, and Superplanet accessing US dollar markets. Capital raised by Superplanet without issuing additional common shares, such as through perpetual preferred stock backed by its bitcoin holdings, is expected to increase bitcoin per common share at both entities. Metaplanet has indicated Superplanet could pursue US bitcoin treasury acquisitions that may not be available to the Japanese parent.

In one illustrative scenario, if Superplanet raises preferred capital equivalent to the initial 2,100 bitcoin position, it could double those holdings to 4,200 bitcoin, potentially lifting bitcoin attributable to each Metaplanet share by about 4.7 percent.

Market Reaction and Timeline

Super League shares reacted sharply on August 18. The stock, which had closed the prior session near $3.02 and traded near its 52-week low, surged as much as 120 percent or more in early trading, with one session high reported near $7.37 before settling lower. Trading volume expanded dramatically, reaching roughly 37 million shares compared with a prior average near 393,000. Metaplanet shares closed about 5 percent higher in Tokyo.

The companies expect the transaction to close in the fourth quarter of 2026, subject to Super League shareholder approval, required Nasdaq filings, customary closing conditions, and regulatory procedures in the United States and Japan. Super League plans to file a proxy statement with the US Securities and Exchange Commission ahead of a shareholder vote.

Metaplanet last added bitcoin in early July and currently trails Twenty One Capital by a few hundred coins while remaining far behind Strategy’s holdings of more than 840,000 bitcoin. The firm has previously expanded its activities in Japan through securities acquisitions and bitcoin-backed financing instruments, positioning the US platform as a further step in its treasury strategy.