Metaplanet to acquire 96% of Super League Enterprise for $134.6M in Bitcoin and cash

Aug 18, 2026

Tokyo-listed Metaplanet is expanding to the United States by acquiring a 95.7% stake in Nasdaq-listed Super League Enterprise for $134.6 million. Metaplanet will contribute 2,100 Bitcoin and $2.5 million in cash to establish Superplanet, Inc. (ticker: SUPA) as its U.S. Bitcoin treasury platform. The deal, expected to close in Q4 2026, allows Metaplanet to tap deep U.S. capital markets for perpetual preferred stock offerings while retaining Super League's gaming media business.

Metaplanet acquires Super League

▪Following the acquisition announcement on August 18, 2026, Super League Enterprise shares surged over 50%, with trading volume increasing nearly 95-fold to 37.3 million shares.
▪Metaplanet agreed to acquire a 95.7% stake in Nasdaq-listed Super League Enterprise for $134.6 million, consisting of 2,100 Bitcoin and $2.5 million in cash.

Superplanet Bitcoin treasury platform

▪Super League Enterprise will be renamed Superplanet, Inc. and trade under the Nasdaq ticker SUPA, serving as Metaplanet's U.S. Bitcoin treasury platform.
▪Superplanet will retain Super League Enterprise's existing gaming media, content, and advertising business as a separate operating segment led by CEO Matthew Edelman.

U.S. capital market access

▪Metaplanet CEO Simon Gerovich stated the acquisition allows the firm to tap the U.S. capital market to compound a single group Bitcoin position across two listed platforms.
▪Metaplanet is expanding to the United States because Japan lacks a market for perpetual preferred stock, a permanent capital instrument backed by Bitcoin.

Transaction structure details

▪The 2,100 Bitcoin contributed by Metaplanet represents approximately 4.9% of its total treasury holdings of 43,000 Bitcoin.
▪Metaplanet holds the right to invest an additional $210 million through non-convertible preferred stock within 24 months of the deal's closing.
▪Metaplanet will receive 44.9 million common shares priced at $3 each, preferred stock, and 10-year warrants covering up to 381 million additional shares.
▪Metaplanet's acquired shares are subject to a five-year lock-up period, and the share count was fixed on August 14, 2026.

Shareholder ownership changes

▪Metaplanet will control the board of Superplanet by appointing five of its nine directors.
▪The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and a vote by Super League Enterprise shareholders.
▪Existing Super League Enterprise shareholders will retain approximately a 4.3% ownership stake in the company after the transaction closes.

Bitcoin treasury market conditions

▪The deal comes amid pressure on Bitcoin treasuries, with MicroStrategy selling 1,690 Bitcoin in August 2026 to support its STRC preferred stock.
▪Metaplanet is the third-largest publicly traded corporate Bitcoin holder globally with 43,000 Bitcoin, trailing Twenty One Capital and MicroStrategy.
▪Both Metaplanet and MicroStrategy face potential removal from MSCI global benchmarks, which JPMorgan estimated could trigger $2.8 billion in outflows.