Metaplanet will transfer 2,100 BTC and $2.5 million to Nasdaq-listed Super League Enterprise under an investment agreement announced August 18 (GlobeNewswire). In exchange, Metaplanet will receive common stock, preferred stock, and warrants, and will own approximately 95.7% of the company after closing, the point at which Super League becomes Superplanet, Metaplanet's U.S. Bitcoin treasury platform.

Superplanet will adopt the SUPA ticker and retain Super League's gaming media business as a separate operating segment. The transaction is expected to close in the fourth quarter of 2026, subject to shareholder approval, Nasdaq filings, and regulatory procedures. The deal gives Tokyo-listed Metaplanet, which has pursued a corporate Bitcoin accumulation strategy modeled on the approach popularized by U.S.-based Strategy (formerly MicroStrategy), a Nasdaq-listed vehicle of its own and a foothold in the U.S. capital markets where most large corporate Bitcoin treasury companies are domiciled.

Transaction Details

The investment will be made through Metaplanet Holdings, Metaplanet's wholly owned U.S. subsidiary. The 2,100 BTC carries a stated value of about $132.1 million, bringing the total investment to approximately $134.6 million. The share count was calculated using Bitcoin's August 14 closing price on Coinbase.

Under the agreement, Metaplanet will receive 44,859,400 common shares priced at $3 each, plus preferred stock and warrants. Following the transaction, Metaplanet will own about 95.7% of Superplanet's common stock, a figure that becomes approximately 93.6% if existing pre-funded warrants are exercised.

Metaplanet will also receive 100 convertible perpetual preferred shares, which carry voting rights and director appointment powers, along with ten-year warrants covering up to 381 million shares. Exercise prices for those warrants range from $3 to $33.50 across four tranches. Separately, Evo Fund will receive warrants covering up to 10 million shares.

Superplanet Structure

For 24 months after closing, Metaplanet may subscribe for up to 2.1 million junior liquidity preferred shares. Those securities carry a $100 stated value, allowing for up to an additional $210 million.

Metaplanet's closing shares, together with shares tied to its warrants or preferred conversion, will be subject to a five-year lock-up.

Super League's gaming media business, which creates in-game and branded experiences on major gaming platforms, will continue to operate as a separate segment of Superplanet. Matthew Edelman will remain chief executive officer, while Metaplanet will designate Superplanet's chairman. The initial board will consist of nine members, five of them selected by Metaplanet and four of them continuing directors.

Closing and Treasury Plan

The transaction is expected to close during the fourth quarter of 2026. Completion requires shareholder approval, Nasdaq filings, and regulatory procedures in the United States and Japan. The rebranding to the Superplanet name and the switch to the SUPA ticker will take effect at closing.

Metaplanet currently holds 43,000 BTC, and the contributed Bitcoin will remain within the consolidated group. After closing, Superplanet plans to report Bitcoin-per-share metrics, a disclosure approach also used by Strategy to track Bitcoin holdings relative to shares outstanding, which Metaplanet will report on a consolidated basis. Metaplanet may additionally explore a future preferred securities distribution in Japan.