Metaplanet Launches US Bitcoin Treasury Firm Through $135 Million Nanocap Deal

Japanese bitcoin treasury firm Metaplanet is set to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise through a $134.6 million investment, transforming the gaming-media company into its US-based bitcoin treasury platform. The deal contributes 2,100 bitcoin, valued at $132.1 million, along with $2.5 million in cash, in exchange for 44.9 million common shares priced at $3 each, plus preferred stock and warrants.

Company Rebrand and Market Reaction

Super League, valued at roughly $5 million as of Monday’s close, will be renamed Superplanet and trade under the new ticker SUPA. Following the announcement, SLE shares jumped more than 70% to $5.20.

Deal Comes Amid Broader Treasury Sector Struggles

The move follows a difficult stretch for bitcoin treasury companies since the 2025 digital-asset treasury boom collapsed, leaving many firms trading below the value of their bitcoin holdings. Falling share prices and debt pressures have pushed several companies to sell bitcoin, pay down debt, or abandon the treasury strategy entirely.

Ownership Structure and Future Investment Plans

Existing Super League shareholders will retain about 4.3% ownership after the deal closes. Metaplanet will also receive 10-year warrants for up to 381 million additional shares, with exercise prices ranging from $3 to $33.50.

Metaplanet CEO Simon Gerovich said the investment used less than 5% of the company’s total bitcoin holdings, with room to contribute significantly more as the platform expands. Metaplanet also has the option to invest an additional $210 million over the next 24 months through non-convertible preferred stock. Superplanet plans to use its bitcoin holdings as collateral for future preferred stock offerings, with dividends supported by operating income and other cash flows.

Leadership and Timeline

Super League’s existing business will continue operating as a separate segment. CEO Matthew Edelman will lead Superplanet going forward, while Metaplanet will appoint five of the company’s nine board directors. The transaction is expected to close in the fourth quarter.