Metaplanet has agreed to contribute 2,100 BTC, worth about $132.1 million, plus $2.5 million in cash to Nasdaq-listed Super League Enterprise in exchange for stock, preferred shares and warrants, with the company to be renamed Superplanet and trade under the ticker SUPA.

The transaction gives the Tokyo-listed firm its first operating foothold outside Japan — and its first presence on a U.S. exchange, via the Nasdaq-listed company it will control. CEO Simon Gerovich described the move as a way to compound a single group Bitcoin position across two listed platforms.

According to the announcement, Super League Enterprise is a gaming media company. After the deal closes, it will be renamed Superplanet, Inc. and become a consolidated Metaplanet subsidiary, while its existing advertising business will continue as a separate segment. Metaplanet is expected to own about 95.7% of Superplanet's common stock at closing, which is expected in the fourth quarter.

Metaplanet, which has become one of the world's largest corporate Bitcoin holders, said it currently holds 43,000 BTC, making it the third-largest corporate holder. The benchmark in that field is Strategy (formerly MicroStrategy), the company that pioneered the corporate Bitcoin treasury model of using a listed balance sheet to accumulate Bitcoin and which remains the largest corporate holder. Gerovich said the company is using its own Bitcoin, locking up its shares and backing the business with its balance sheet in order to compound a single group Bitcoin position.

Benchmark-StoneX analyst Mark Palmer, who rates Metaplanet a buy and has called it "the Strategy of Japan," said the deal differs from many shell-and-PIPE treasury transactions seen over the past year and a half because it is being funded with Bitcoin from Metaplanet's own balance sheet rather than third-party capital raised at a discount. A wave of such transactions has emerged as companies sought exchange-listed vehicles for Bitcoin treasuries, typically by merging into dormant shell companies or raising money through PIPEs — private investments in public equity — often priced at a discount to the market.

Palmer also noted that the share count was fixed on August 14 and will not float with Bitcoin's price before closing, that the equity was priced near Super League's prior close rather than at a negotiated markdown, and that Metaplanet's shares are subject to a five-year lock-up.

The transaction expands Metaplanet's ambitions beyond accumulation. The company recently acquired a Japanese securities firm to launch Bitcoin yield products, introduced Bitcoin-backed "Bitbonds," and earlier 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, mirroring a disclosure approach Metaplanet already uses and one that Strategy popularized as a way to show how much Bitcoin backs each outstanding share.