Metaplanet Plans Nasdaq-Listed Bitcoin Treasury Platform in Major US Expansion

Japanese investment company Metaplanet is preparing to establish a second publicly traded vehicle for accumulating bitcoin, this time within the considerably larger United States capital market.

Under an agreement announced Aug. 18, Metaplanet will contribute 2,100 bitcoin and $2.5 million in cash to Nasdaq-listed Super League Enterprise. The bitcoin was valued at approximately $132.1 million when the transaction was structured, bringing the investment’s total stated value to about $134.6 million.

In exchange, Metaplanet will receive nearly 44.9 million newly issued common shares priced at $3 each, along with preferred stock and warrants.

If the transaction closes, Super League will change its name to Superplanet Inc. and begin trading under the ticker symbol SUPA. Metaplanet is expected to own approximately 95.7% of the company’s outstanding common stock, or about 93.6% after accounting for Super League’s existing pre-funded warrants.

The companies emphasized that the arrangement is a private investment in an existing operating business rather than a reverse takeover or special-purpose acquisition transaction. Super League’s gaming media and advertising operation will continue as a separate business segment after the restructuring. The companies announced the agreement jointly.

Superplanet is intended to become Metaplanet’s American bitcoin treasury platform, allowing the broader group to raise money through two publicly traded companies in different currencies and markets.

Metaplanet will continue seeking yen-denominated capital through its Tokyo Stock Exchange listing. Superplanet, meanwhile, will pursue dollar-denominated financing through Nasdaq. Bitcoin held by Superplanet will remain within the consolidated Metaplanet organization and appear in the Japanese parent company’s financial reporting.

Future financing could include dollar-denominated perpetual preferred shares. Superplanet would use money raised through those securities to purchase additional bitcoin without necessarily issuing more common stock.

Metaplanet’s investor presentation offered a hypothetical illustration of the strategy. If Superplanet raised preferred capital equal to the value of its initial 2,100-BTC treasury and spent the proceeds entirely on bitcoin, the subsidiary’s holdings could increase to 4,200 BTC.

According to the company’s calculations, such a transaction could raise the bitcoin attributable to each fully diluted Metaplanet share by roughly 4.7% without requiring the parent company to issue additional common shares.

Metaplanet will also receive an option to invest up to another $210 million in Superplanet. Long-term warrants issued through the transaction could ultimately cover as many as 381 million shares at various exercise prices.

The deal has not yet been completed. It remains subject to approval from Super League shareholders, required Nasdaq filings and other regulatory and customary conditions in the United States and Japan. Closing is anticipated during the fourth quarter of 2026.

Metaplanet currently reports holding 43,000 BTC, making it the world’s third-largest publicly listed corporate bitcoin holder. The company resumed acquisitions in July following a pause during the cryptocurrency market’s 2026 decline.

The proposed transaction would not reduce the group’s consolidated bitcoin position. Although 2,100 BTC will be transferred to Superplanet, the assets will remain under Metaplanet’s controlling corporate umbrella.

Through Superplanet, Metaplanet is effectively converting part of its bitcoin treasury into access to the US public markets—creating another potential fundraising engine dedicated to acquiring even more of the cryptocurrency.