Metaplanet pays $134.6 million to turn Super League into Superplanet

Metaplanet, the Japanese bitcoin treasury firm, is paying $134.6 million for a 95.7% stake in Super League Enterprise, a Nasdaq-listed gaming-media company, CoinDesk reported. The consideration is 2,100 bitcoin valued at $132.1 million, plus $2.5 million in cash.

In exchange, Metaplanet receives 44.9 million common shares priced at $3 each, preferred stock, and warrants. Super League will be renamed Superplanet and trade under the ticker SUPA. Shares traded at $5.20, up more than 70%.

Existing Super League shareholders will hold about 4.3% of the combined company. Metaplanet also receives 10-year warrants covering up to 381 million additional shares, with exercise prices ranging from $3 to $33.50. The transaction is expected to close in the fourth quarter.

The gaming-media business continues as a separate operating segment. Matthew Edelman, Super League's chief executive, will lead Superplanet. Metaplanet appoints five of the nine directors.

The deal follows the collapse of the 2025 digital-asset treasury boom, which left most major bitcoin-holding companies trading below the value of their holdings, according to CoinDesk. Falling stock prices and debt obligations have since pushed some firms to sell bitcoin, repay debt, or pivot away from the strategy.

Metaplanet is trying a different route. Simon Gerovich, its chief executive, said on X that the initial bitcoin outlay used less than 5% of the company's holdings, and that Metaplanet could contribute much more as the platform grows. Superplanet plans to use its bitcoin as collateral for future preferred stock offerings, with operating income and other cash flows available to cover dividends. Metaplanet also retains the right to invest an additional $210 million through non-convertible preferred stock over the next 24 months.

The structure turns bitcoin into a funding asset. Common shareholders gain exposure to a growing treasury and a claim on whatever earnings the legacy business generates. Preferred shareholders, if the paper sells, get a collateralized claim on the bitcoin itself. That makes this a leveraged wager: the warrants dilute common equity over a decade, and preferred dividends must be covered by cash flows that may not materialize.

A falling bitcoin price would shrink the collateral and make the preferred stock harder to place. A rising price eases the path. The immediate market reaction is positive — the stock is up more than 70% — but the real test arrives when Superplanet tries to sell its preferred stock. Whether investors accept bitcoin as collateral will decide if this deal becomes a template for other bitcoin treasury firms seeking a public home.