Metaplanet, the Tokyo-listed company that has adopted Bitcoin as its primary treasury reserve asset, plans to take a controlling stake in Nasdaq-listed Super League Enterprise, extending its Bitcoin treasury strategy into the United States and potentially opening up new sources of capital.

On Tuesday, Metaplanet CEO Simon Gerovich said on X that the company plans to contribute 2,100 Bitcoin (BTC) and $2.5 million in cash to Super League, which will be renamed Superplanet and become the company's US Bitcoin treasury platform.

The 2,100 BTC contribution represents just under 5% of Metaplanet's 43,000 BTC holdings and is worth roughly $135 million at current Bitcoin prices. Because the Bitcoin will come from Metaplanet's existing treasury, the transaction does not represent a new BTC purchase. Metaplanet, a former hotel operator that adopted its Bitcoin treasury policy in 2024, has framed the asset as a hedge against yen depreciation, a pivot that drew comparisons to the Bitcoin treasury model pioneered by US software firm Strategy.

Gerovich said the structure would give the company two avenues for raising capital, with Superplanet tapping US markets while Metaplanet continues to raise funds in Japan. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including approval from Super League shareholders.

Under the proposed structure, capital raised by either company could support the group's broader Bitcoin treasury strategy. Metaplanet added that Superplanet could pursue acquisitions in the US Bitcoin treasury sector that may not be available to the Japanese parent company.

Super League Enterprise currently operates an immersive gaming, content and advertising business, building experiences and in-game media on platforms such as Roblox, Minecraft and Fortnite. Its shares surged more than 50% following the announcement, accompanied by a sharp increase in trading activity. Trading volume reached roughly 37.3 million shares, compared with about 393,000 shares previously, an increase of nearly 95-fold, according to Yahoo Finance data.

Bitcoin treasuries face new capital pressures

Metaplanet has emerged as the third-largest corporate Bitcoin holder, trailing Twenty One Capital by roughly 500 BTC. Twenty One Capital is a publicly traded Bitcoin treasury company backed by Tether, Bitfinex and SoftBank that was formed to accumulate Bitcoin and increase holdings on a per-share basis. Metaplanet last added to its Bitcoin holdings in early July, according to BitcoinTreasuries.NET.

The proposed tie-up fits a broader pattern of listed companies being repurposed or created as Bitcoin treasury vehicles: Twenty One Capital itself reached public markets through a merger with special purpose acquisition company Cantor Equity Partners, and dozens of listed companies have adopted Bitcoin treasury mandates since Strategy made Bitcoin its primary reserve asset in 2020.

Michael Saylor's Strategy remains the largest corporate Bitcoin holder, with more than 840,000 BTC. However, the company has also sold Bitcoin in recent months to fund dividends, share repurchases and its US dollar reserve, highlighting some of the capital-management challenges facing publicly traded Bitcoin treasury companies.