Metaplanet takes 96% of Super League in 2,100 BTC, cash deal to launch US bitcoin treasury firm

Metaplanet, the Tokyo-listed Bitcoin holder, agreed on Aug. 18, 2026, to seed a new U.S. Bitcoin treasury company by contributing 2,100 BTC and $2.5 million in cash to Nasdaq-listed Super League Enterprise. The deal gives Metaplanet about 95.7% of the renamed company, Superplanet, which will trade under the ticker SUPA. The initial investment is valued at roughly $134.6 million based on Bitcoin's Aug. 14 Coinbase closing price, according to the joint announcement. Decrypt put the coin contribution at about $132.1 million. Metaplanet will receive 44,859,400 newly issued shares at $3 each, plus convertible perpetual preferred stock with voting rights and 10-year warrants. Closing is expected in the fourth quarter.

Background

Metaplanet has become one of the world's largest corporate Bitcoin holders, with Decrypt reporting it currently holds 43,000 BTC and ranks third among corporate holders. The company has been expanding beyond simple accumulation: Decrypt notes it recently acquired a Japanese securities firm to launch Bitcoin yield products, rolled out Bitcoin-backed 'Bitbonds,' and previously signaled plans for a U.S. subsidiary with a $250 million Bitcoin strategy. CEO Simon Gerovich has described the structure as operating through two listed platforms, saying Metaplanet built one of the world's largest Bitcoin treasuries from Japan and that Superplanet is how it builds in America, which he called the deepest capital market in the world. Benchmark-StoneX analyst Mark Palmer, who rates Metaplanet a buy, has described the firm as 'the Strategy of Japan' for applying the Bitcoin-treasury playbook in a market with negative real rates and a weakening yen. The transaction comes amid a wave of shell-and-PIPE treasury deals over the past year and a half, which analysts cited as a contrast point. Super League Enterprise is a gaming media company with existing advertising and playable-media operations, which will continue as a separate business segment after the deal.

What happened

According to the joint company announcement published Aug. 18, Metaplanet agreed to invest 2,100 Bitcoin and $2.5 million in Nasdaq-listed Super League Enterprise, securing a 95.7% stake and creating a U.S. Bitcoin treasury company called Superplanet. The proposed private placement will give Metaplanet 44,859,400 newly issued Super League shares at $3 each, along with preferred stock and warrants. The initial investment is valued at about $134.6 million, based on Bitcoin's closing price on Coinbase at 4 p.m. New York time on Aug. 14. Metaplanet said the share count has been fixed and will not change with Bitcoin's price before the transaction closes. Once complete, Metaplanet will own about 95.7% of Superplanet's outstanding common stock, or approximately 93.6% if Super League's existing pre-funded warrants are exercised. Metaplanet will receive 100 shares of convertible perpetual preferred stock carrying voting rights, allowing it to appoint a majority of Superplanet's directors. It will also receive 10-year warrants covering up to 381 million common shares across four tranches, with exercise prices ranging from $3 to $33.50 per share. Evo Fund will separately receive warrants for up to 10 million common shares through two tranches. The companies said the securities will be issued near Super League's Aug. 17 closing market price rather than through discounted third-party financing. For 24 months after closing, Metaplanet will have the right to purchase as many as 2.1 million shares of non-convertible junior liquidity preferred stock at a stated value of $100 each, giving it the option to invest another $210 million. Common shares issued to Metaplanet at closing, through warrant exercises, or from converting preferred stock will carry a five-year lock-up. Super League will retain its existing advertising and playable-media operations as a separate segment. Matthew Edelman, its current chief executive, will lead Superplanet, while Metaplanet will choose the board chairman; five of the nine initial directors will be appointed by Metaplanet, including CEO Simon Gerovich, Frederick Towfigh, and John H. Whitehouse III, with four current Super League directors including Edelman remaining. Decrypt reported the deal was announced Tuesday, that Super League will be renamed Superplanet, Inc. and trade under SUPA, and that closing is expected in the fourth quarter. Decrypt valued the coin contribution at roughly $132.1 million.

Market impact

The sources provide several figures that frame the transaction's market impact. The initial investment is valued at about $134.6 million based on Bitcoin's Coinbase closing price at 4 p.m. New York time on Aug. 14, per the joint announcement, while Decrypt put the coin contribution at roughly $132.1 million. Metaplanet is issuing 44,859,400 shares at $3 each, and the companies said the securities will be issued near Super League's Aug. 17 closing market price rather than through discounted third-party financing. The share count was fixed on Aug. 14 and will not change with Bitcoin's price before closing. The 10-year warrants cover up to 381 million common shares across four tranches with exercise prices from $3 to $33.50 per share, and Evo Fund will separately receive warrants for up to 10 million common shares through two tranches. The 24-month right to buy up to 2.1 million shares of non-convertible junior liquidity preferred stock at a stated value of $100 each gives Metaplanet the option to invest another $210 million. A five-year lock-up applies to common shares issued at closing, through warrant exercises, or from preferred conversion. Decrypt reported Metaplanet currently holds 43,000 BTC and ranks third among corporate holders. Superplanet is expected to hold 2,100 BTC at closing, and it expects to use its Bitcoin as a collateral base for possible perpetual preferred stock offerings, though any future issuance would depend on financing decisions made after closing.

Why it matters

The sources support several consequences. First, the deal creates a Nasdaq-listed company, Superplanet, under the proposed ticker SUPA, expected to hold 2,100 BTC at closing and giving U.S. investors equity exposure to that treasury. Second, Bitcoin held by Superplanet will remain within the consolidated group and appear in Metaplanet's consolidated financial statements, so the parent's Bitcoin position spans two listed platforms. Third, Metaplanet said Superplanet will raise funds in the United States while the parent continues to use Japanese capital markets, which Gerovich framed as building in America, the deepest capital market in the world. Fourth, the structure keeps Super League's advertising and playable-media operations as a separate revenue-generating segment alongside the Bitcoin treasury. Fifth, the five-year lock-up prevents Metaplanet from quickly selling the controlling position. Sixth, Superplanet expects to use its Bitcoin as a collateral base for possible perpetual preferred stock offerings, which the companies said could raise permanent capital without increasing the number of common shares, though any future issuance would depend on post-closing financing decisions. Decrypt reported that Superplanet plans to publish its own Bitcoin-per-share metrics after the deal closes, and that Metaplanet has recently acquired a Japanese securities firm to launch Bitcoin yield products and rolled out Bitcoin-backed 'Bitbonds.'