Metaplanet and Super League Enterprise announced a definitive agreement on Tuesday. Japan’s listed bitcoin treasury will put 2,100 BTC, valued at about $132.1 million, plus $2.5 million cash, into the Nasdaq-listed gaming-media company. That is about $134.6 million. Super League will be renamed Superplanet, Inc., ticker SUPA.
It is not a reverse takeover and not a SPAC. Super League stays listed. The gaming-media book stays as a segment.
The stack moves. It is not a new buy.
Metaplanet held 43,000 BTC as of Tuesday. The 2,100 BTC is about 4.9% of that stack. The coins stay inside the consolidated group. Superplanet’s bitcoin will sit in Metaplanet’s accounts.
| Term |
Print |
| Consideration |
2,100 BTC (~$132.1 million) + $2.5 million cash ≈ $134.6 million |
| Common shares |
44,859,400 at $3.00 |
| Post-close ownership |
~95.7% common (~93.6% if outstanding pre-funded warrants are exercised) |
| Extra right, 24 months |
up to 2,100,000 junior liquidity preferred at $100.00 stated value, up to $210.0 million |
| Lock-up |
five years on Metaplanet common, including warrant and preferred conversion shares |
| Close |
Q4 2026, Super League stockholder vote plus Nasdaq and US/Japan steps |
The share count was fixed off the Coinbase bitcoin close at 16:00 New York on 14 August. It will not move with bitcoin before close.
Warrants and a nine-seat board
Metaplanet gets ten-year warrants on up to 381,000,000 shares in four tranches, exercise $3.00 to $33.50. Evo Fund separately gets up to 10,000,000 shares in two tranches. Metaplanet also takes 100 shares of convertible perpetual preferred, which carries the right to designate a majority of the board.
The board will have nine directors, five from Metaplanet. Named: Simon Gerovich, Frederick Towfigh, and John H. Whitehouse III. Two more to come. Matthew Edelman stays chief executive. The chair is Metaplanet’s pick.
Gerovich said Superplanet is how the firm “build[s] in America.” Edelman said Super League had already cut debt and simplified the capital structure. Those are quotes from the Tuesday release. They are not a bitcoin price call.
The chain is a parked slice of an existing treasury, a Nasdaq wrapper, and a five-year lock-up. It is not a fresh bid for coins.
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