Metaplanet to Take 95.7% Stake in Super League in $134.6M Bitcoin Deal

Japanese Bitcoin treasury company Metaplanet (3350) is set to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) through a $134.6 million investment, establishing a new U.S.-based Bitcoin treasury platform.

Under the proposed transaction, Metaplanet will contribute 2,100 BTC valued at approximately $132.1 million, along with $2.5 million in cash. In exchange, it will receive 44.9 million Super League common shares priced at $3 each, as well as preferred stock and warrants.

Super League, which had a market capitalization of roughly $5 million at Monday's close, will be renamed Superplanet and trade on Nasdaq under the ticker SUPA. SLE shares surged more than 70% to around $5.20 following news of the deal.

The investment comes after the digital asset treasury boom of 2025 lost momentum. Falling share prices have left many Bitcoin treasury companies trading below the value of their crypto holdings, while debt pressures have prompted some firms to sell Bitcoin, reduce liabilities or move into other businesses.

After the transaction closes, existing Super League shareholders are expected to retain approximately 4.3% of the company. Metaplanet will also receive 10-year warrants covering up to 381 million additional shares, with exercise prices ranging from $3 to $33.50.

Metaplanet CEO Simon Gerovich said the initial investment uses less than 5% of the company's Bitcoin holdings, leaving room for additional contributions as the U.S. platform expands.

Metaplanet will also have the option to invest another $210 million through non-convertible preferred stock over the following 24 months. Superplanet intends to use its Bitcoin holdings as collateral for future preferred stock offerings, while operating income and other cash flows could fund dividend payments.

Super League's existing gaming and media operations will remain a separate business segment. Current CEO Matthew Edelman will lead Superplanet, while Metaplanet will appoint five members to the nine-seat board.

The Metaplanet-Super League transaction is expected to close in the fourth quarter of 2026.