Metaplanet Buys 95.7% of Nasdaq Gaming Firm, Renames It Superplanet

Metaplanet is taking its Bitcoin treasury strategy to America. The Tokyo-based firm agreed to buy a 95.7% stake in Super League, a Nasdaq-listed gaming media company, in a deal valued at $134.6 million. Metaplanet will pay $3.00 per share, funding the purchase with 2,100 Bitcoin and $2.5 million in cash. The target will be renamed Superplanet and trade under the ticker SUPA.

The deal structure

Metaplanet gets board control as part of the transaction, and all shares it receives are locked up for five years. The deal is expected to close in Q4 2026, pending a shareholder vote and regulatory approvals in both Japan and the U.S. Once closed, Metaplanet can also raise up to $210 million through preferred stock within 24 months.

Why go to the U.S. market

The move is about access. Metaplanet has raised money in Tokyo through warrants, bonds, and stock sales to build a 43,000 BTC stack — the world's third-largest corporate Bitcoin hoard. But Japan doesn't have a market for perpetual preferred stock, a tool that has proven popular in the U.S. Strategy, formerly MicroStrategy, raised $2.5 billion with its STRC preferred stock at debut in July 2025 and another $7.5 billion this year. That market is the draw.

A familiar playbook, with a twist

Strategy holds 840,447 BTC, nearly 20 times Metaplanet's position. But the comparison isn't entirely flattering. MicroStrategy sold 1,690 Bitcoin this month to prop up STRC, which trades below its $100 face value, and preferred dividends have cost Strategy over $1 billion. Both companies also face a potential MSCI index removal, which JPMorgan estimates could trigger $2.8 billion in outflows. Metaplanet is betting its U.S. listing will be a cleaner version of the same model.

The Evo Fund connection

This isn't the first time Metaplanet's orbit has touched Super League. Evo Fund, a sponsor of Metaplanet, invested $10 million in Super League in September 2025, wiping out the gaming firm's debt and fixing its Nasdaq compliance problems. That prior rescue made the current acquisition a smoother path.

Metaplanet CEO Simon Gerovich framed the deal as a bridge between two markets. "We've built one of the world's largest Bitcoin treasuries from Japan," he said. "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." The shareholder vote is the next concrete step, with closing expected before the end of the year.