Metaplanet Puts 2,100 BTC, $2.5M Cash Into 95.7% Stake for US Treasury Arm

Metaplanet is putting 2,100 bitcoin — worth roughly $132.1 million — plus $2.5 million in cash into a deal that hands the Japanese firm a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE). The combined contribution values the initial investment at $134.6 million, and the target company will be renamed Superplanet, trading under the ticker SUPA.

Super League closed Monday with a market value of about $5 million. Following the announcement, SLE shares jumped more than 70%, touching $5.20, with one report putting the intraday move as high as 80%. That gap between a $5 million pre-deal market cap and a $134.6 million bitcoin-and-cash injection is the clearest signal of how the market is repricing the stock around Metaplanet’s balance sheet.

The mechanics of the deal

Under the terms, Metaplanet receives 44.9 million common shares priced at $3 each, plus preferred stock and warrants, in exchange for its bitcoin and cash. Existing Super League shareholders would be left holding about 4.3% of the company once the transaction closes.

Metaplanet also picks up 10-year warrants covering as many as 381 million additional shares, exercisable at prices ranging from $3 to $33.50 — a structure that gives the Japanese firm room to scale its ownership well beyond the initial 95.7% stake if Superplanet’s share price appreciates over time.

Beyond the upfront contribution, Metaplanet has the right to invest an additional $210 million into Superplanet through non-convertible preferred stock over the next 24 months. Superplanet intends to keep Super League’s existing gaming-media business running while using its bitcoin holdings as collateral to support future preferred-stock offerings.

A small slice of Metaplanet’s stack

Metaplanet CEO Simon Gerovich framed the 2,100 BTC commitment as a modest first move relative to the company’s total holdings, writing on X: “We seeded this investment with less than 5% of our Bitcoin, with the ability to contribute much more as the platform grows.” That framing signals Metaplanet views Superplanet as a long-term vehicle it can top up rather than a one-time transaction.

The move gives Metaplanet — already known as one of Asia’s largest corporate bitcoin holders — a dedicated US-listed platform for its treasury strategy, separate from its Tokyo-listed parent stock.

Why the timing matters

The transaction lands well after the 2025 digital-asset treasury (DAT) boom cooled off. Many corporate bitcoin holders have since seen their shares trade below the value of the bitcoin sitting on their balance sheets, and falling stock prices combined with debt obligations have pushed some treasury companies to sell BTC, repay debt, or abandon the strategy entirely.

Against that backdrop, Metaplanet’s willingness to commit a fresh 2,100 BTC to launch a new US vehicle — rather than pull back — stands out. For holders of SLE stock, the near-doubling in share price reflects the market pricing in Metaplanet’s bitcoin and its option to inject up to $210 million more over the next two years. For bitcoin treasury watchers more broadly, it’s a test of whether a nanocap shell can be turned into a credible, collateral-backed US DAT platform even as the broader sector works through a valuation reset.

Read more: Bitmine Holds 5.82M ETH, Buys Back 1.7M BMNR Shares as Lee Flags ETH/BTC Breakout

Sources

• theblock.co
• coindesk.com
• coingape.com