Metaplanet Inc. (3350.T) stock climbed 5.07% to ¥228 after the company announced a major Bitcoin-backed expansion into the United States. Under the newly disclosed agreement, Metaplanet will contribute 2,100 Bitcoin and $2.5 million to Nasdaq-listed Super League Enterprise. In return, Metaplanet will secure a 95.7% controlling stake and establish a new U.S. Bitcoin treasury platform. Following completion of the transaction, Super League will be renamed Superplanet Inc. and will hold the 2,100 BTC, giving Metaplanet a Nasdaq-listed Bitcoin treasury vehicle in the United States while it maintains its 43,000 BTC strategy across two markets and two investor bases.

Stock Gains as Bitcoin Deal Expands U.S. Reach

Metaplanet shares strengthened after the company outlined its planned investment in Super League Enterprise. The stock reached ¥228, although it retreated from an intraday high near ¥238. Even after pulling back from the session's peak, the advance reflected a positive market reaction to the company's latest treasury expansion move.

Under the terms of the agreement, Metaplanet will contribute 2,100 BTC valued at approximately $132.1 million. It will also provide $2.5 million in cash, delivered through its wholly owned U.S. subsidiary. In return for the Bitcoin and cash contribution, Metaplanet will receive a package of common shares, preferred stock, and warrants from Super League.

Super League will issue 44,859,400 common shares to Metaplanet at a price of $3 per share. Following completion of the deal, the company will rename itself Superplanet Inc. and will retain its Nasdaq listing. Once the transaction closes, Metaplanet will control approximately 95.7% of the outstanding common shares.

Superplanet Deal Builds a Second Listed Bitcoin Treasury Platform

Superplanet will launch with 2,100 BTC on its balance sheet while maintaining Super League's existing gaming media operations, which develop and monetize games and branded experiences on platforms such as Roblox, Fortnite, and Minecraft. The operating business will continue to generate revenue alongside the company's Bitcoin treasury activities, providing an ongoing revenue stream on top of the treasury holdings. Metaplanet, meanwhile, will support the business with its balance sheet strength and capital markets experience.

The structure gives Metaplanet separate listed treasury platforms in Japan and the United States. Metaplanet will continue raising capital through Japanese markets, while Superplanet will target U.S. funding channels. As a result, both businesses will be able to support Bitcoin accumulation through different investor bases and different currencies.

The two-listing approach extends a corporate Bitcoin treasury playbook pioneered by Strategy, formerly MicroStrategy, which began buying Bitcoin in 2020 and has since funded successive purchases with equity and convertible debt issuance. Metaplanet, originally a hotel operator, adopted the model in 2024 — initially citing a weaker yen and Japan's heavy debt load among its reasons for holding Bitcoin — and is frequently described in market coverage as “Japan's MicroStrategy.” The Super League transaction also fits a broader wave of companies attaching Bitcoin treasuries to operating businesses and U.S.-listed vehicles since 2025.

Superplanet will also gain access to capital structures designed to limit dilution of the common shares. The company may issue perpetual preferred securities in order to raise permanent capital for additional Bitcoin purchases. Such financing could increase the Bitcoin exposure per common share without immediately expanding the amount of outstanding common stock.

Metaplanet Retains Control as 2,100 BTC Remains Consolidated

The 2,100 BTC contribution represents about 4.9% of Metaplanet's reported 43,000 BTC holdings. However, the Bitcoin will remain inside the consolidated corporate group after completion of the transaction. Metaplanet will therefore continue to report Superplanet's Bitcoin holdings within its own consolidated financial statements.

Metaplanet will also receive convertible preferred shares that carry voting rights and board appointment powers. In addition, the company will receive warrants covering up to 381 million common shares. Those warrants will run for a period of ten years, with exercise prices ranging from $3 to $33.50.

The transaction follows Metaplanet's continued expansion of its Bitcoin-focused corporate strategy during 2026. Earlier, the company increased its holdings to 43,000 BTC after completing another large treasury purchase. With the Superplanet agreement, that strategy now extends onto Nasdaq while preserving Metaplanet's controlling position in the new U.S. entity. Once the deal completes, the renamed Superplanet's use of U.S. funding channels for additional Bitcoin purchases — the stated purpose of the two-market structure — becomes the next development to watch.

Source: CoinCentral