Japanese bitcoin treasury firm Metaplanet is preparing to acquire a 95.7% controlling stake in Nasdaq-listed Super League Enterprise through a $134.6 million investment. The deal aims to transform the gaming-media company into Metaplanet’s dedicated U.S. bitcoin treasury platform. Under the agreed terms, Metaplanet will contribute 2,100 bitcoin—valued at $132.1 million—alongside $2.5 million in cash in exchange for 44.9 million common shares priced at $3 each, preferred stock, and warrants. Upon completion, Super League will be renamed Superplanet and will trade under the new ticker symbol SUPA. Market reaction was swift, sending Super League shares up more than 70% to $5.20.
The acquisition comes during a broader restructuring period following the collapse of the 2025 digital-asset treasury boom, which left many major corporate bitcoin holders trading below the net value of their reserves. That downturn forced numerous companies to sell off bitcoin, pay down debt obligations, or abandon the treasury model entirely. Under the transaction structure, existing Super League shareholders will retain approximately a 4.3% equity stake in the restructured entity. Metaplanet will also acquire 10-year warrants to purchase up to 381 million additional shares, with exercise prices structured between $3 and $33.50.
To fund the initial phase, Metaplanet is tapping directly into its existing corporate balance sheet. CEO Simon Gerovich confirmed on X that the upfront capital commitment represents less than 5% of Metaplanet’s total bitcoin holdings, leaving substantial room to allocate further reserves as the platform scales. Over the next 24 months, Metaplanet holds the right to invest an additional $210 million through non-convertible preferred stock. Superplanet intends to use its accumulated bitcoin balance as collateral for future preferred stock issuances, utilizing its ongoing operational income and cash flows to cover dividend payouts.
Super League’s core gaming-media operations will continue to run as a distinct operating segment within the restructured firm. Chief Executive Officer Matthew Edelman is slated to lead Superplanet, while Metaplanet will secure operational control by appointing five of the nine members on the company’s board of directors. The transaction remains subject to customary closing conditions and is anticipated to finalize in the fourth quarter.
