Metaplanet Launches $134.6M 'Superplanet' Vehicle to Scale Bitcoin in US

Tokyo-based Metaplanet is expanding its Bitcoin treasury strategy into the United States by establishing a new US-based vehicle called Superplanet. The move allows the company to leverage American financial instruments to scale its holdings of the digital asset.

To execute the strategy, Metaplanet is acquiring a controlling stake of approximately 95.7% to 96% in Super League, a gaming media firm listed on the Nasdaq. The acquisition is valued at $134.6 million, with common shares priced at $3.00 per share. As part of the transaction, Metaplanet will transfer 2,100 BTC and $2.5 million in cash into the entity, which will be rebranded as Superplanet under the ticker SUPA.

The Shift to US Capital

Metaplanet has already pivoted to a Bitcoin-first treasury strategy in Japan, mirroring the approach pioneered by Michael Saylor’s MicroStrategy. While the company has successfully raised funds in Tokyo through bonds and warrants, the Japanese market lacks a mechanism for perpetual preferred stock—a form of permanent capital that does not require repayment. By establishing a Nasdaq-listed presence, Metaplanet aims to utilize the US market's capacity for these specific instruments to fund further Bitcoin acquisitions.

"We’ve built one of the world’s largest Bitcoin treasuries from Japan," said Metaplanet CEO Simon Gerovich. "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."

Strategic Implications

This maneuver represents a strategic entry into US capital markets by a non-US firm to exploit financial tools unavailable in its home jurisdiction. Metaplanet currently holds approximately 43,000 BTC, ranking it among the largest corporate holders of Bitcoin globally. If the Superplanet model proves successful, it could provide a blueprint for other international corporations to fund aggressive Bitcoin treasury strategies by tapping into US equity markets, potentially diversifying the pool of institutional buyers.

What's Next

The deal remains subject to regulatory and shareholder approval. Market observers will be watching to see how effectively Metaplanet can issue perpetual preferred stock through the new entity to accelerate its accumulation of Bitcoin. While the company has established a significant footprint in Asia, the success of Superplanet will depend on its ability to navigate the complexities of the Nasdaq and attract US-based institutional investors.