Japan’s Metaplanet plans to invest $134.6 million in Nasdaq-listed Super League Enterprise, turning the company into its U.S. Bitcoin treasury platform.
Metaplanet would take a 95.7% stake by contributing 2,100 Bitcoin worth about $132.1 million and $2.5 million in cash. The deal would give the Japanese Bitcoin investor a U.S.-listed vehicle for expanding its treasury strategy.
Metaplanet Expands Its Bitcoin Strategy
Super League plans to rename itself Superplanet and trade under the SUPA ticker after the deal closes. Existing shareholders would retain about 4.3% of the company.
Metaplanet will also receive 10-year warrants to buy as many as 381 million additional shares, with exercise prices ranging from $3 to $33.50.
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“We seeded this investment with less than 5% of our Bitcoin, with the ability to contribute much more as the platform grows,” CEO Simon Gerovich said.
Superplanet could also raise as much as $210 million from Metaplanet through preferred stock over the next 24 months.
Bitcoin Treasury Strategy Enters New Phase
The deal comes as enthusiasm for crypto treasury companies has cooled, with weaker valuations pushing some firms to sell Bitcoin or repay debt.
Super League’s existing business will continue to operate separately after the transaction. Metaplanet plans to appoint five directors, and the deal is expected to close in the fourth quarter of 2026.
The transaction marks the next stage of Metaplanet’s Project Nova expansion beyond its existing Bitcoin holdings.
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