Metaplanet will move 2,100 Bitcoin (BTC) and $2.5 million in cash into Super League, a small Nasdaq-listed gaming media firm. The $134.6 million deal, announced Tuesday, creates a US treasury vehicle named Superplanet. The move drops Metaplanet into the market Michael Saylor's Strategy (formerly MicroStrategy) built.
It also raises a sharp question. Why does Japan's biggest corporate Bitcoin holder suddenly need American money? Metaplanet pays $3.00 per share for a 95.7% stake in Super League.
The firm will be renamed Superplanet and trade under the ticker SUPA. Metaplanet gets board control, and every share it receives is locked up for five years. The groundwork was laid a year ago.
Evo Fund, a sponsor of Metaplanet, invested $10 million in Super League in September 2025. That deal wiped out Super League's debt and fixed its Nasdaq compliance problems. The structure also leaves room to grow.
Metaplanet can add up to $210 million through preferred stock within 24 months of closing. The deal should close in the fourth quarter of 2026, pending a shareholder vote and regulators in both countries. Metaplanet CEO Simon Gerovich framed the move as expansion rather than necessity.
"We've built one of the world's largest Bitcoin treasuries from Japan. Superplanet is how we build in America, the deepest capital market in the world... It is one consolidated Bitcoin position, compounding through two listed platforms in Japan and in the U.S," read an excerpt in the announcement, which cited Gerovich.
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