Super League shares surged after Metaplanet agreed to seed the Nasdaq-listed company with 2,100 BTC valued at about $132.1 million and $2.5 million in cash, a contribution equal to roughly 4.9% of its 43,000-BTC treasury. If completed, Super League would be renamed Superplanet and trade under the ticker SUPA, with Metaplanet expected to own about 95.7% of the common stock and use the vehicle to establish a U.S.-listed Bitcoin treasury platform alongside its Tokyo-listed parent. The companies said the transaction is a private placement into an existing operating company rather than a SPAC or reverse takeover. The structure would leave Metaplanet's consolidated Bitcoin holdings unchanged at 43,000 BTC because the coins come from its existing treasury, while giving the group two public routes to raise capital in Japan and the United States. Superplanet plans to retain Super League's gaming media business, publish BTC-per-share metrics after closing and explore fundraising tools including perpetual preferred stock that could be used to buy more Bitcoin without increasing common-share count. The deal, which also includes preferred stock, long-dated warrants and a 24-month right for Metaplanet to invest up to another $210 million, remains subject to shareholder, Nasdaq and other regulatory approvals before an expected fourth-quarter 2026 closing.