Metaplanet Buys Nasdaq-Listed Super League With 2,100 Bitcoin to Launch US Treasury Arm

Japan’s most aggressive corporate Bitcoin buyer just found a way onto Nasdaq without an IPO, and it’s paying for the seat in coins rather than cash.

Metaplanet is acquiring a 95.7% stake in Nasdaq-listed Super League Enterprise for $134.6 million, structured as 2,100 BTC plus $2.5 million in cash, just under 5% of Metaplanet’s roughly 43,000 BTC treasury. Once the deal closes, expected in the fourth quarter of 2026 pending shareholder approval, Super League will be renamed Superplanet and become Metaplanet’s dedicated US Bitcoin treasury platform. Shares of the target company surged sharply on the announcement.

The structure is notable in its own right: rather than raising fresh capital to fund a US entity, Metaplanet is spending down a slice of its existing Bitcoin position to buy control of an already Nasdaq-listed shell, a faster and more direct path onto a major US exchange than a traditional listing process. CEO Simon Gerovich said the small internal team had been working on the deal quietly since April.

It’s a genuinely different playbook from the Strategy-style approach of continuously raising capital to buy more Bitcoin. Metaplanet is instead using Bitcoin it already holds as the acquisition currency itself, treating the treasury not just as a balance sheet asset but as deployable capital for corporate expansion.

Curious how corporate Bitcoin treasury strategies actually get funded and structured? Learn more in the Bitcoin Academy.