Metaplanet, the Tokyo-listed firm that made bitcoin its primary treasury reserve asset, is moving to take a controlling stake in Nasdaq-listed Super League Enterprise, giving the company a foothold in US capital markets.
Details of the deal
CEO Simon Gerovich said on Tuesday that Metaplanet will contribute 2,100 BTC and $2.5 million in cash to Super League, which is set to be renamed Superplanet and serve as the group’s US bitcoin treasury platform.
That 2,100 BTC amounts to just under 5% of Metaplanet’s 43,000 BTC, worth roughly $135 million at current prices.
Because the coins come from the existing treasury, the move is not a new purchase.
Gerovich said the arrangement opens two funding channels, with Superplanet raising capital in the US while Metaplanet continues tapping Japanese markets.
The deal is expected to close in the fourth quarter of 2026, pending customary conditions and approval from Super League shareholders.
Market reaction
Super League Enterprise, which runs an immersive gaming, content and advertising business, saw its shares jump more than 50% on the news.
Trading volume hit roughly 37.3 million shares versus about 393,000 previously, a nearly 95-fold increase, according to Yahoo Finance data.
Metaplanet said Superplanet could also pursue US bitcoin treasury acquisitions that would be out of reach for the Japanese parent.
Pressure on corporate holders
Metaplanet now ranks as the third-largest corporate bitcoin holder, trailing Twenty One Capital by roughly 500 BTC, and last added to its stack in early July.
Michael Saylor’s Strategy remains the largest holder with more than 840,000 BTC, though it has sold coins in recent months to fund dividends, buybacks and its dollar reserve.
