Japan's Metaplanet to Buy 95.7% of Nasdaq's Super League for $134.6M, Creating U.S. Bitcoin Treasury Vehicle

Japan-based bitcoin treasury firm Metaplanet (3350) plans to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) in a transaction valued at $134.6 million, positioning the gaming and media company as its U.S. bitcoin treasury platform. Under the terms disclosed by the companies, Metaplanet will contribute 2,100 bitcoin valued at $132.1 million plus $2.5 million in cash in exchange for 44.9 million common shares priced at $3 each, along with preferred stock and warrants. Super League, which had a market capitalization of about $5 million at Monday's close, is set to be renamed Superplanet and trade under the ticker SUPA. SLE shares were last at $5.20, up more than 70%. The announcement comes after the collapse of the 2025 digital-asset treasury boom, which pushed many major bitcoin-holding companies to trade below the value of their underlying holdings. As share prices fell and debt pressures mounted, some firms have sold bitcoin, repaid debt or moved away from the strategy. Following closing, existing Super League shareholders are expected to own about 4.3% of the company. Metaplanet will also receive 10-year warrants covering up to 381 million additional shares, with exercise prices ranging from $3 to $33.50. Metaplanet said it will fund the initial investment using its current bitcoin holdings. "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 wrote on X. Metaplanet will have the right to invest an additional $210 million over the next 24 months through non-convertible preferred stock. Superplanet plans to use its bitcoin as collateral for future preferred stock offerings, while operating income and other cash flows would be used to cover dividends. Super League's existing operations will continue as a separate business segment. CEO Matthew Edelman is slated to lead Superplanet, and Metaplanet will appoint five of the company's nine directors. The transaction is expected to close in the fourth quarter. CoinDesk said it contacted Metaplanet for comment but had not received a response as of publication.