Metaplanet turns a Nasdaq gaming company into its US bitcoin vehicle

Metaplanet agreed Tuesday to turn Super League Enterprise, a Nasdaq-listed gaming media company, into its US bitcoin treasury vehicle, Unchained reported. The Tokyo-listed firm is contributing 2,100 BTC worth about $132.1 million and $2.5 million in cash to a deal valued at roughly $134.6 million. Super League will be renamed Superplanet and trade under the ticker SUPA once the deal closes.

Metaplanet, acting through its US subsidiary Metaplanet Holdings, receives 44,859,400 common shares priced at $3.00 each, 100 shares of convertible perpetual preferred carrying the right to designate a board majority, and ten-year warrants for up to 381 million additional shares struck between $3.00 and $33.50. That leaves Metaplanet holding roughly 95.7% of outstanding common stock, or 93.6% if existing pre-funded warrants get exercised. A 24-month subscription right lets Metaplanet invest up to $210 million more through junior liquidity preferred stock later. The deal is expected to close in the fourth quarter, pending a Super League shareholder vote.

Metaplanet's shares carry a five-year lockup, and its entire economic interest ranks junior to any preferred stock Superplanet issues down the line. Superplanet plans to use its bitcoin as collateral for future perpetual preferred issuance, paying dividends partly from operating income generated by the existing gaming advertising business, which continues as a separate segment. CEO Matthew Edelman stays on to run the combined company, while five of nine board seats go to Metaplanet designees, including Metaplanet CEO Simon Gerovich.

• Bitcoin contributed to the deal: 2,100 BTC, worth about $132.1 million
• Cash contributed alongside it: $2.5 million
• Metaplanet's resulting stake: 95.7% of common stock (93.6% fully diluted for warrants)
• Additional capital Metaplanet can commit later: up to $210 million via a 24-month subscription right
• Market reaction: Super League shares closed roughly 80% higher after peaking near 140%

Metaplanet held 43,000 BTC as of Tuesday, the third-largest corporate stack behind Strategy and Twenty One Capital, so this contribution covers under 5% of its holdings. The company has spent recent weeks fighting a different narrative after it denied selling bitcoin following a large on-chain transfer, and the Super League deal reads as the opposite move: building a second, US-listed platform to hold and lever bitcoin rather than trimming its position. The company has framed its accumulation strategy as a math-driven bet rather than a price call, and the Superplanet structure extends that logic into US capital markets, joining a growing list of treasury firms that have turned to dividend-paying preferred shares as crypto prices stay under pressure.

The mechanics matter as much as the headline stake. Metaplanet is layering common stock, board-controlling preferred, and long-dated warrants on top of each other, the same kind of structure Strategy popularized for stacking bitcoin exposure without repeatedly tapping public markets for cash. The ten-year warrants struck as high as $33.50, roughly eleven times the deal price, give Metaplanet a call option on Superplanet's success without forcing it to pay for that upside today. Existing Super League shareholders keep a small slice of the company, now wrapped around a bitcoin balance sheet they didn't have a say in building, and their stake dilutes further if Metaplanet exercises its warrants or draws on the $210 million subscription right down the line.

This article is for informational purposes only and does not constitute investment advice.