Metaplanet, the Tokyo-listed firm that became one of the world’s largest corporate Bitcoin holders, is expanding to the United States, agreeing to seed a Nasdaq-listed Bitcoin treasury company with 2,100 BTC.
Under the deal announced Tuesday, Metaplanet will contribute the coins, worth roughly $132.1 million, plus $2.5 million in cash, to Super League Enterprise, a gaming media company, in exchange for stock, preferred shares and warrants.
Super League will be renamed Superplanet, Inc. and trade under the ticker SUPA, becoming a consolidated Metaplanet subsidiary while keeping its existing advertising business running as a separate segment. Metaplanet will own about 95.7% of Superplanet’s common stock at closing, expected in the fourth quarter.
Metaplanet CEO Simon Gerovich framed the move as a way to tap the world’s deepest capital market, saying Metaplanet is putting in its own Bitcoin, locking up its shares and backing the company with its balance sheet to compound a single group Bitcoin position across two listed platforms. The firm currently holds 43,000 BTC, ranking it the third-largest corporate holder, according to the announcement.
Analysts flagged what sets the transaction apart from the wave of shell-and-PIPE treasury deals of the past year and a half. Mark Palmer of Benchmark-StoneX, who rates Metaplanet a buy, noted the company is funding the deal with Bitcoin off its own balance sheet rather than third-party money raised at a discount.
Palmer pointed out the share count was fixed on August 14 and won’t float with Bitcoin’s price before closing, the equity was struck near Super League’s prior close rather than at a negotiated markdown, and Metaplanet’s shares carry a five-year lock-up. Palmer 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 move deepens Metaplanet’s ambitions beyond accumulation. Recently, the company 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.
Superplanet plans to publish its own Bitcoin-per-share metrics after the deal closes.
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