Japanese bitcoin treasury company Metaplanet (3350), which has built one of Asia's largest corporate bitcoin treasuries since adopting the strategy in 2024, is set to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) through a $134.6 million investment, transforming the gaming-media firm into its U.S. bitcoin treasury platform.

Under the terms of the deal, Metaplanet will contribute 2,100 bitcoin — valued at $132.1 million — together with $2.5 million in cash, in exchange for 44.9 million common shares priced at $3 each, as well as preferred stock and warrants, the companies said.

Super League, whose market value stood at roughly $5 million at Monday's close, will be renamed Superplanet and trade under the ticker SUPA. SLE shares are trading at $5.20, up more than 70%.

The transaction comes after the collapse of the 2025 digital-asset treasury boom, which left most major bitcoin-holding companies trading below the value of their holdings. Falling stock prices and debt obligations have since pushed some of those firms to sell bitcoin, repay debt or pivot away from the strategy altogether. Metaplanet's deal moves in the opposite direction, giving the Tokyo-listed firm a Nasdaq-listed vehicle and a direct presence in the U.S. capital market where Strategy (formerly MicroStrategy), which pioneered the corporate bitcoin treasury model in 2020, has conducted its own fundraising.

Existing Super League holders would own about 4.3% of the company after closing. Metaplanet will also receive 10-year warrants covering as many as 381 million additional shares, with exercise prices ranging from $3 to $33.50.

Metaplanet is funding the initial investment with its own bitcoin holdings. "We seeded this investment with less than 5% of our Bitcoin, with the ability to contribute much more as the platform grows," CEO Simon Gerovich said on X.

The company will hold the right to invest an additional $210 million through non-convertible preferred stock over the next 24 months. Superplanet plans to use its bitcoin as collateral for future preferred stock offerings, with operating income and other cash flows available to cover dividends.

Super League, which builds in-game experiences and advertising campaigns on platforms such as Roblox, Fortnite and Minecraft, will keep its existing business running as a separate segment. CEO Matthew Edelman will lead Superplanet, while Metaplanet will appoint five of the company's nine directors.

The transaction is expected to close in the fourth quarter. CoinDesk has reached out to Metaplanet for comment but had not received a response at the time of writing.