TOKYO – Eric Trump’s Support for Metaplanet

Eric Trump made an appearance in Tokyo on Monday, publicly backing the Japanese Bitcoin finance firm Metaplanet. This marks a step in the expansion of the US president’s family’s interests in cryptocurrency.

The second son of Donald Trump, Eric was appointed an advisor to Metaplanet back in March. The company boasts holdings of over $2 billion in Bitcoin. Last week, it participated in the Bitcoin Asia Conference in Hong Kong, where it held an extraordinary shareholders meeting.

At this gathering, Metaplanet approved a plan to potentially sell up to 550 million shares overseas, which could amount to about 130 million yen (approximately $8.8 million). According to three individuals who attended the meeting in Tokyo’s Shibuya area, the board’s decision to raise capital has been affirmed.

When Reuters reached out prior to the conference, Metaplanet chose not to comment on Eric Trump’s involvement. Subsequent attempts for comments about the capital-raising vote went unanswered, as did inquiries directed toward Eric Trump’s representatives.

Donald Trump has previously expressed ambition to become the “crypto president,” advocating for asset classes that might enhance the banking system and increase US dollar control.

Some of Trump’s ventures in the cryptocurrency sector have significantly increased his wealth, benefiting from changes in US policy—this has drawn some criticism.

Eric Trump and his brother, Donald Trump Jr., have co-founded a cryptocurrency mining business named American Bitcoin, which aims to go public on the Nasdaq this month. While in Hong Kong, Eric Trump seemed optimistic, predicting that cryptocurrency could hit $1 million in value within a few years. As of Monday, Bitcoin was trading at about $108,046.79, down from a record high of $124,480.82 last month.

Metaplanet, which was previously a hotel operator, has made a notable shift to cryptocurrency. According to Simon Gerovich, the founder and CEO of Bitcoin Treasury Corporate Strategy, a significant portion of Metaplanet’s hotel assets has been divested.

At the meeting venue, festivities included individuals in costumes, food trucks at the entrance, and K-Pop bands scheduled to perform. Media access was restricted during the meeting.

A video shared on social media showed Gerovich and Eric Trump on stage wearing matching Metaplanet jerseys.

“I think many, including Simon and I, feel that Michael Saylor is spearheading the US push for cryptocurrency,” Eric Trump remarked. “It’s pretty clear that Simon is at the forefront in all of Asia.”

Metaplanet, which engages in selling bonds and warrants, continues to acquire Bitcoin and is now recognized as the seventh largest owner of the Ministry of Public Treasury worldwide. On that Monday, it announced the addition of another 1,009 coins, bringing its total to 20,000.

Over the past year, its stock has surged about 740%, which is a stark contrast to the 13% rise in the Topix index. Still, the stock has dropped more than half since its peak in June, falling by 5.5% on Monday.

Earlier this year, Metaplanet appointed Eric Trump to a new advisory committee, lauding him as a significant advocate for digital assets globally.

Previously known as Red Planet Japan, Metaplanet, listed on the Tokyo Stock Exchange, initially focused on hotel operations and once dealt in wholesale music CDs.

Notably, Red Planet Hotels Japan, a subsidiary, sought bankruptcy protection in May 2024.

($1 = 147.3300 yen)