Japanese bitcoin treasury firm Metaplanet (3350) is preparing to take a 95.7% stake in Nasdaq-listed Super League Enterprise (SLE) through a $134.6 million investment that would turn the gaming-media firm into its U.S. bitcoin treasury platform.
Metaplanet would contribute 2,100 bitcoin, valued at $132.1 million, and $2.5 million in cash for 44.9 million common shares priced at $3 each, preferred stock and warrants, the companies said.
Super League, which had a market value of roughly $5 million at Monday’s close, would be renamed Superplanet and trade under the ticker SUPA.
SLE shares are trading at $5.20, up more than 70%.
The deal follows the collapse of the 2025 digital-asset treasury boom, which left most major bitcoin-holding companies trading below the value of their holdings. Falling stock prices and debt obligations have since pushed some firms to sell bitcoin, repay debt or pivot away from the strategy altogether.
Existing Super League holders would own about 4.3% of the company after closing. Metaplanet would also receive 10-year warrants covering as many as 381 million additional shares at exercise prices ranging from $3 to $33.50.
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