Japanese Bitcoin treasury company Metaplanet is bringing its strategy to the United States. According to reporting by The Block, the company has agreed to acquire roughly 96% of Nasdaq-listed Super League Entertainment through a transaction valued at approximately $134.6 million, contributing 2,100 BTC alongside $2.5 million in cash.
The deal will transform the gaming media company into Metaplanet's U.S.-listed Bitcoin treasury vehicle while preserving its existing operating business.
Investors welcomed the announcement. Super League shares jumped as much as 80% shortly after markets opened before settling to gains of around 50%, while Metaplanet's Tokyo-listed shares climbed more than 4%.
Post from @MetaplanetView the original post on X↗
A Different Kind of Bitcoin Treasury Deal
The acquisition stands out from many of the Bitcoin treasury transactions announced over the past two years.
Rather than raising discounted capital through outside investors, Metaplanet is contributing Bitcoin directly from its own balance sheet. The company will subscribe to approximately 44.9 million newly issued Super League shares priced at $3 each, together with preferred shares and warrants, in exchange for 2,100 BTC and cash.
Once the transaction closes, Super League will be renamed Superplanet Inc. and trade on Nasdaq under the ticker SUPA. Metaplanet will own approximately 95.7% of the company's outstanding common shares.
Benchmark analysts noted that the structure differs from many recent treasury-company launches because the share count was fixed before the transaction, pricing was based on the market rather than a discounted financing round, and Metaplanet has agreed to a five-year lock-up on its shares.
Taking the Bitcoin Strategy Global
The 2,100 BTC commitment represents less than 5% of Metaplanet's Bitcoin holdings, which now total approximately 43,000 BTC. That makes it the world's third-largest publicly traded corporate Bitcoin holder, behind Strategy and Twenty One Capital.
"We've built one of the world's largest Bitcoin treasuries from Japan," said Metaplanet CEO Simon Gerovich. "Superplanet is how we build in America, the deepest capital market in the world."
The acquisition also gives Metaplanet a U.S.-listed platform that can access American capital markets while continuing to operate Super League's gaming media business.
Beyond Holding Bitcoin
Superplanet is expected to use its Bitcoin treasury as collateral for future financing products, including perpetual preferred shares similar to Strategy's capital model. Operating income generated by the business would help support dividend payments while preserving Bitcoin exposure.
The acquisition follows Metaplanet's recent purchase of Japanese brokerage Siiibo Securities, which it plans to use to develop Bitcoin-backed fixed-income products known internally as "Bitbonds."
Post from @MetaplanetView the original post on X↗
Together, the moves form part of the company's broader "Project Nova" strategy, expanding from accumulating Bitcoin into building financial infrastructure around the asset.
The Super League transaction is expected to close during the fourth quarter, marking Metaplanet's biggest step yet toward becoming a global Bitcoin treasury company with operations spanning both Japan and the United States.
Reporting by Lidia Yadlos
