Metaplanet pivots to US markets with Superplanet Bitcoin treasury

The transaction involves a private placement of 44.86 million newly issued Super League shares at $3 apiece, alongside convertible preferred stock and long-term warrants. This arrangement secures Metaplanet a commanding majority on the board, with five of nine seats allocated to its nominees, including CEO Simon Gerovich. To ensure long-term commitment, the Japanese firm has accepted a five-year lock-up on its common share holdings.

Super League, which saw its share price surge as much as 127% following the announcement, will maintain its existing advertising and playable-media operations. Current CEO Matthew Edelman will continue to lead these segments, while the company prepares to trade under the proposed ticker SUPA. For Metaplanet, the structure serves as a dual-platform strategy: leveraging Japanese capital markets for its core operations while utilizing the U.S. subsidiary to attract American investors.

Management plans to use the 2,100 BTC—representing roughly 4.9% of Metaplanet’s total treasury—as a collateral base for potential preferred stock offerings. By consolidating the U.S. subsidiary, Metaplanet anticipates that future financing rounds could increase the amount of Bitcoin attributable to each share. The deal is slated to close in the fourth quarter of 2026, pending shareholder approval and regulatory clearance in both jurisdictions.