Japanese investment firm Metaplanet has detailed its planned U.S. expansion, committing 2,100 BTC and $2.5 million in cash to Nasdaq-listed Super League Enterprise. The transaction will convert the company into Superplanet, a U.S. Bitcoin treasury platform trading under the ticker SUPA.
Metaplanet is expected to control approximately 95.7% of Superplanet's common stock and voting power after the deal. According to the investor presentation, the strategy aims to replicate Metaplanet's Asian Bitcoin treasury model in the deeper U.S. capital market, described as “two listed issuers, two currencies, in two of the world’s largest capital markets.”
The Japanese parent will continue raising yen-denominated capital in Japan, while Superplanet is intended to raise U.S. dollar capital. All bitcoin accumulated by Superplanet will remain within the Metaplanet group and be consolidated into its overall holdings.
A key part of the plan may involve issuing USD-denominated perpetual preferred shares. Metaplanet said that if Superplanet raises preferred capital equal to the value of its initial BTC holdings and uses all proceeds to buy more bitcoin, the treasury could double from 2,100 BTC to 4,200 BTC. That would increase attributable bitcoin per fully diluted Metaplanet share by approximately 4.7% without issuing additional common shares. Metaplanet also has the option to invest another $210 million into Superplanet and receive long-term warrants potentially covering up to 381 million shares.
The deal remains subject to shareholder, Nasdaq, and other regulatory approvals. If approved, it is expected to commence in the final quarter of the year. As of press time, Metaplanet holds 43,000 BTC, making it the third-largest publicly listed corporate holder, behind Twenty One Capital with 43,514 BTC and Strategy with 840,447 BTC.
