TOKYO, Sept 1 (Reuters) – Eric Trump, son of U.S. President Donald Trump, appeared in Tokyo on Monday to champion Metaplanet, a Japanese company building a significant bitcoin treasury. His involvement highlights the Trump family’s growing influence in the global cryptocurrency sector as Metaplanet pursues an ambitious financial strategy.
Strategic Shift to Bitcoin
Named an adviser to Metaplanet in March, Eric Trump has actively supported the firm, which holds over $2 billion in bitcoin. His presence at the company’s extraordinary shareholders’ meeting in Tokyo’s Shibuya district followed his recent participation in the Bitcoin Asia conference in Hong Kong. The meeting centered on a proposal to issue up to 550 million new shares internationally to raise 130.3 billion yen (approximately $884.41 million), with most funds allocated to purchasing additional bitcoin. Three attendees confirmed that the shareholders approved the plan. Metaplanet declined to comment on Eric Trump’s role when contacted by Reuters before the event, and a follow-up email regarding the vote went unanswered. A representative for Eric Trump did not respond to inquiries.
This move aligns with President Donald Trump’s pledge to be the “crypto president,” advocating for digital assets to enhance banking efficiency and reinforce the U.S. dollar’s global dominance. The Trump family’s crypto ventures, including American Bitcoin, a cryptocurrency mining company co-founded by Eric and Donald Trump Jr., set to list on the Nasdaq this month, have benefited from supportive U.S. policies. In Hong Kong, Eric Trump predicted bitcoin could reach $1 million per coin within a few years. On Monday, bitcoin traded at $108,046.79, down from its peak of $124,480.82 last month.
Metaplanet’s Crypto Transformation
Metaplanet’s pivot to bitcoin marks a bold reinvention. Previously known as Red Planet Japan, a music CD wholesaler turned hotel operator, the company faced challenges, with its subsidiary filing for bankruptcy in May 2024. Inspired by Michael Saylor’s MicroStrategy, CEO Simon Gerovich began divesting hotel assets in April 2024 to invest heavily in bitcoin. The shareholders’ meeting, held in a vibrant atmosphere reflecting Metaplanet’s unconventional approach, featured Gerovich and Eric Trump onstage in matching company jerseys, as seen in shareholder videos shared online.
Eric Trump praised crypto pioneers, noting, “Michael Saylor has led the charge in the U.S., while Simon Gerovich is undoubtedly leading in Asia.” Through bond sales and warrants, Metaplanet has expanded its bitcoin holdings, adding 1,009 coins on Monday to reach a total of 20,000, ranking it as the seventh-largest bitcoin holder among public companies globally, per BitcoinTreasuries.net.
The market has rewarded Metaplanet’s strategy, with its shares surging 740% over the past year, far outpacing the 13% rise in Japan’s Topix index. However, the stock has been volatile, dropping over 50% from its June peak and falling 5.5% on Monday. Listed on the Tokyo Stock Exchange’s Standard section, Metaplanet has appointed Eric Trump as a “leading voice and advocate of digital asset adoption worldwide.” As the Trump family deepens its global crypto ties, Metaplanet’s trajectory illustrates how bitcoin is reshaping corporate strategies across borders. With bitcoin’s value fluctuating, the firm’s latest capital raise could fuel further growth, driven by enthusiasm for digital currencies under a pro-crypto U.S. administration.
(Reporting by Reuters; $1 = 147.3300 yen)
