Metaplanet buys a Nasdaq listing with 2,100 of its own bitcoin, and writes a template

Metaplanet will contribute 2,100 bitcoin and $2.5 million in cash to Nasdaq-listed Super League Enterprise in exchange for roughly 95.7% of the common stock, renaming it Superplanet and running it as the group's US bitcoin treasury platform ^[1][2]. It matters because Metaplanet gets a second listed vehicle in a second currency under a second regulator without buying a single new coin ^[5][26], and because the mechanics are copyable by anyone holding coins they can contribute instead of cash they must raise ^[19].

The price of entry is precise. The 2,100 BTC, about 4.9% of Metaplanet's 43,000 BTC, was valued at roughly $132.1 million, and with the cash it buys 44,859,400 newly issued shares at $3.00 apiece plus preferred stock and warrants ^[5]. That share count times the strike works out to about $134.58 million, consistent with the roughly $134.6 million total the company disclosed ^[6][30]. It also implies a bitcoin mark of about $62,900 per coin, struck off the Coinbase close at 4:00 p.m. New York time on August 14 ^[7][29].

Control comes from the paper around the common stock, not the common stock itself. One hundred convertible perpetual preferred shares carry voting rights and let Metaplanet name a majority of Superplanet's board ^[9]. Ten-year warrants cover up to 381 million common shares across four tranches, roughly 8.5 times the shares issued at closing, with a separate 10 million-share warrant for Evo Fund ^[10][31]. Metaplanet can also subscribe for up to 2.1 million junior liquidity preferred shares at $100 each for 24 months after closing, a $210 million call option that is about 1.6 times the upfront commitment ^[11][34]. Against that, everything Metaplanet holds at closing or later acquires through warrants and conversions is locked for five years ^[12].

Both companies stress this is a private placement of new securities into an existing operating company rather than a reverse takeover or a SPAC ^[8]. Mark Palmer of Benchmark-StoneX, who rates Metaplanet a buy and calls it "the Strategy of Japan", said the deal differs from the shell-and-PIPE treasury wave because it is funded with Metaplanet's own bitcoin, the share count was fixed on August 14 rather than floating with bitcoin's price, and the equity was struck near Super League's prior close rather than at a negotiated markdown ^[19][20].

The tape was less disciplined. Super League was down 10.6% premarket to $2.70, near a 52-week low of $2.12 after shedding more than 92% in a year ^[13]; Cryptopolitan reported an intraday jump of about 120% and a Google Finance session high of $7.37 against a $3.02 prior close, a 144% move, before fading to the mid-$6s ^[14][32]. Cointelegraph put the surge at more than 50%, with volume of about 37.3 million shares against roughly 393,000 previously, per Yahoo Finance ^[15]. The gaming and advertising business is expected to keep operating as a separate segment ^[27].

Watch the approvals: Super League shareholders plus regulatory sign-off in the US and Japan, with closing expected in Q4 2026 ^[3]. Watch whether Superplanet raises through perpetual preferreds as advertised, which the group says lifts bitcoin per common share and per Metaplanet share ^[22], and whether the 381 million warrant shares are exercised in a way that tests that claim ^[10]. Superplanet plans to publish its own bitcoin-per-share metrics after closing ^[23]. Note also that Metaplanet last added bitcoin in early July, per BitcoinTreasuries.NET, and that Strategy, the largest corporate holder with more than 840,000 BTC, has been selling coins to fund dividends, buybacks and a dollar reserve ^[17][18].