Metaplanet has agreed to acquire roughly 96% of Nasdaq-listed Super League Entertainment in a $134.6 million transaction that would turn the gaming media company into its U.S.-listed Bitcoin treasury platform. The company is expected to be renamed Superplanet Inc. after the deal closes and trade under the ticker SUPA, while retaining Super League’s existing gaming media business.
The transaction would give Tokyo-listed Metaplanet a second public-market vehicle for raising capital and buying Bitcoin, alongside its operations in Japan. It also extends the company’s effort to build financial products around Bitcoin holdings, including potential preferred-share offerings backed by the cryptocurrency.
Super League shares, which trade under SLE, jumped as much as 80% in the first hour of Tuesday trading before giving back part of the advance and trading about 50% higher. Metaplanet shares rose a little more than 4%.
Under the agreement, Metaplanet will purchase 44.9 million newly issued Super League common shares for $3 each. It will also receive preferred stock and warrants in exchange for contributing 2,100 Bitcoin and $2.5 million in cash.
At current Bitcoin prices, the 2,100 BTC contribution was valued at about $136 million. Once the transaction is completed, Metaplanet is expected to own approximately 95.7% of Super League’s outstanding common shares.
A US listing for Metaplanet’s Bitcoin strategy
Superplanet is expected to operate as a U.S. Bitcoin treasury company while continuing Super League’s gaming media activities. That structure would place a large Bitcoin balance sheet inside a Nasdaq-listed entity, potentially giving U.S. equity-market participants a new route to gain exposure to Metaplanet’s treasury strategy.
Metaplanet held about 43,000 BTC before the transaction, making the 2,100 BTC transfer just under 5% of its reported holdings. The company has described itself as the third-largest publicly traded Bitcoin treasury holder, behind Strategy and Twenty One Capital.
The deal is scheduled to close in the fourth quarter, subject to customary conditions. Once completed, Metaplanet would have listed entities in both Japan and the United States, allowing the group to pursue capital raising in two markets rather than relying on a single domestic listing.
That approach resembles the equity-funded Bitcoin acquisition model that has become more prominent among public companies. The structure can expand Bitcoin per share when capital is raised at favorable valuations, but it also places greater weight on equity issuance, market liquidity and the company’s ability to manage dilution.
Fixed pricing and a five-year lock-up
Benchmark said the number of Super League shares issued to Metaplanet was fixed on Aug. 14, while the $3 per-share equity price was set near Super League’s Aug. 17 closing level. According to the firm, the transaction did not include a discount to that market price.
The shares issued to Metaplanet will also be subject to a five-year lock-up, Benchmark said. A lengthy restriction limits Metaplanet’s ability to sell the newly acquired common shares quickly, reinforcing the stated plan to use Superplanet as a long-term operating and treasury platform rather than as a short-term equity position.
The sharp move in SLE shares reflects the market’s immediate focus on the ownership change and the prospective Bitcoin treasury role. Super League had operated as a gaming media and advertising company focused on virtual worlds, games and digital communities. Its planned transformation would add a balance-sheet strategy far larger than its historical operating profile.
The deal therefore combines two distinct activities: a gaming media company expected to continue generating operating revenue, and a Bitcoin treasury strategy designed to accumulate and finance digital-asset holdings. Management has said operating income could be used to service dividends on potential perpetual preferred stock.
Perpetual preferred shares generally pay a fixed or variable dividend but have no set maturity date. In Metaplanet’s proposed model, Bitcoin could serve as collateral supporting such instruments, potentially creating a way to raise capital without issuing additional common stock each time.
Link to Metaplanet’s Japanese expansion
The Super League acquisition follows Metaplanet’s purchase of Japanese brokerage Siiibo Securities. Metaplanet has tied that acquisition to its plans for Bitcoin-backed fixed-income products it calls “Bitbonds.”
Together, the Japanese brokerage operation and the proposed U.S. treasury platform suggest Metaplanet is building separate channels for Bitcoin-linked financing: securities and fixed-income products in Japan, and a Nasdaq-listed equity vehicle in the United States.
The model also adds execution risks. Superplanet would need to maintain Super League’s operating business while integrating a much larger Bitcoin treasury, managing public-company reporting requirements and determining whether preferred-stock financing can attract sufficient demand. Bitcoin-backed instruments would also expose the structure to changes in Bitcoin’s price, collateral coverage and dividend obligations.
For Metaplanet, the acquisition gives its Bitcoin strategy a more direct presence in the U.S. public market without requiring the parent company itself to move its primary listing. For Super League shareholders, the deal marks a decisive change in ownership and corporate direction, with Metaplanet set to control nearly all of the company’s common equity after closing.
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