Metaplanet is taking a 95.7% stake in Nasdaq-listed Super League Enterprise to launch Superplanet, a U.S. bitcoin treasury platform, contributing 2,100 bitcoin and $2.5 million in cash. Super League shares jumped on the announcement, and the deal is expected to close in the fourth quarter.
Metaplanet will take a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) through a $134.6 million investment that would turn the gaming-media firm into its U.S. bitcoin treasury platform, the companies said. Super League would be renamed Superplanet and trade under the ticker SUPA.
The deal's structure
Metaplanet would contribute 2,100 bitcoin, valued at $132.1 million, and $2.5 million in cash for 44.9 million common shares priced at $3 each, plus preferred stock and warrants. Existing Super League holders would own about 4.3% of the company after closing, while Metaplanet would also receive 10-year warrants covering as many as 381 million additional shares at exercise prices ranging from $3 to $33.50.
Metaplanet CEO Simon Gerovich wrote on X: "Today it is public." He added that the company seeded the investment with less than 5% of its bitcoin holdings, with room to contribute more as the platform grows. Metaplanet currently holds 43,000 BTC, ranking third among the world's largest publicly traded bitcoin treasuries.
Superplanet would also have the right to invest an additional $210 million through non-convertible preferred stock over the next 24 months, using its bitcoin as collateral for future preferred-stock offerings. Super League's existing business would continue as a separate operating segment, with CEO Matthew Edelman leading Superplanet while Metaplanet appoints five of its nine directors. The transaction is expected to close in the fourth quarter.
Shares jump on the announcement
SLE stock surged more than 85% to $5.66 on Tuesday following the announcement. Super League had a market value of roughly $5 million at Monday's close. Metaplanet stock also closed 5.07% higher at 228 JPY, with an intraday low and high of 224 and 238.
Bitcoin's rebound above $64,000 in the past 24 hours also helped lift interest in the stock price, with trading volume in the asset increasing 19% over the same period.
After the treasury boom's collapse
The deal follows the collapse of the 2025 digital-asset treasury boom, which left most major bitcoin-holding companies trading below the value of their holdings. Falling stock prices and debt obligations have since pushed some firms to sell bitcoin, repay debt, or pivot away from the strategy altogether.
By contrast, the structure here is designed to increase bitcoin per share across the two treasury companies by leveraging Japanese and U.S. capital markets. Metaplanet's shares in the new entity will be locked for five years, and closing still requires Super League stockholder approval.
Trading involves risk.
Risk Disclaimer
