Metaplanet is paying 2,100 bitcoin and $2.5 million in cash for a roughly 96% stake in Nasdaq-listed Super League Enterprise. The deal converts the gaming media company into a US-domiciled bitcoin treasury platform valued at about $135 million, The Block reported.
One of the world’s largest corporate bitcoin holders, the Tokyo-listed firm is funding the acquisition from its own balance sheet. No fresh capital raise. The 2,100 BTC represents nearly 5% of Metaplanet’s total 43,000 BTC holdings, The Block reported. Decrypt, which framed the deal at roughly $132 million, called it Metaplanet planting its flag in US capital markets.
Once the transaction closes, Super League becomes Superplanet Inc. and trades under the ticker SUPA, both outlets confirmed. Metaplanet will hold about 95.7% of outstanding common stock. Expected close: fourth quarter.
The market reacted fast. Super League shares surged as much as 80% in the first hour of trading before paring to roughly 50%, The Block reported. Metaplanet shares rose a little over 4%.
“We’ve built one of the world’s largest Bitcoin treasuries from Japan. Superplanet is how we build in America, the deepest capital market in the world,” Simon Gerovich, CEO of Metaplanet, said in a statement to The Block.
Under the deal structure, Metaplanet purchases 44.9 million new Super League shares at $3 each, plus preferred stock and warrants, in exchange for the 2,100 BTC and $2.5 million cash. Share count was fixed Aug. 14. Equity was priced near Super League’s Aug. 17 close without a discount. Metaplanet’s shares carry a five-year lock-up.
Benchmark analysts flagged what sets this apart from prior shell-and-PIPE bitcoin treasury transactions: Metaplanet is deploying bitcoin from its own balance sheet rather than tapping discounted third-party capital, The Block reported.
Superplanet keeps Super League’s existing gaming media business and doubles as Metaplanet’s US-listed bitcoin treasury, The Block reported. The new entity plans to use its bitcoin as collateral for potential perpetual preferred stock offerings, modeled on Strategy’s STRC structure, with operating income used to service dividends.
The US expansion follows Metaplanet’s acquisition of Japanese brokerage Siiibo Securities, part of what the company calls “Project Nova,” a strategy to develop bitcoin-backed fixed-income products it brands “Bitbonds,” The Block reported.
Metaplanet controls the third-largest publicly traded bitcoin treasury behind Strategy and Twenty One Capital, according to The Block.
The precise deal value differs across outlets. The Block cites a $134.6 million investment with the 2,100 BTC valued at roughly $136 million at current prices. Decrypt frames the deal at about $132 million. The gap likely reflects the bitcoin price at different valuation snapshots. Neither outlet disclosed the exact spot price used to price the BTC contribution.
