Eric Trump Takes Stage in Japan as Bitcoin Firm Metaplanet Votes on Capital Plan

As the Trump family expands its crypto ventures internationally, Eric Trump appeared in Tokyo on Monday in support of Japanese Bitcoin treasury firm Metaplanet (3350.T).

Trump, the second son of former U.S. President Donald Trump, was appointed as an advisor to Metaplanet in March. The company, which holds more than $2 billion worth of Bitcoin, invited shareholders to an extraordinary general meeting to vote on a plan to issue 550 million new shares overseas, raising 130.3 billion yen ($884.41 million). Much of the proceeds are expected to be used for additional Bitcoin purchases. According to three attendees leaving the meeting in central Tokyo’s Shibuya district, the plan was approved.

Metaplanet declined to comment on Trump’s participation when contacted by Reuters before the event. The company also did not respond to later requests for comment on the outcome of the vote. A representative for Trump did not reply to requests for comment either.

The appearance follows Trump’s participation last week in the Bitcoin Asia conference in Hong Kong. His father, Donald Trump, has pledged to be the “crypto president,” arguing that digital assets could strengthen the U.S. dollar’s dominance and improve the banking system.

The former president’s own ventures in crypto and related sectors have both boosted his wealth and drawn criticism for benefiting from policy shifts during his administration. Meanwhile, American Bitcoin— a mining company founded by Eric Trump and his brother Donald Trump Jr.— is aiming for a Nasdaq listing this month. In Hong Kong, Eric Trump predicted that the price of Bitcoin could reach $1 million within a few years. On Monday, Bitcoin was trading at $108,046.79, down from last month’s record high of $124,480.82.

From Hotels to Bitcoin
Metaplanet, formerly a hotel operator, has enjoyed remarkable success since pivoting to cryptocurrency. Inspired by Michael Saylor’s MicroStrategy (MSTR.O), founder and CEO Simon Gerovich sold off most of the company’s struggling hotel assets—already hit hard by the pandemic—and began investing in Bitcoin in April 2024.

Monday’s shareholder meeting carried a celebratory air, with costumed performers at the entrance, food trucks outside, and a K-pop band scheduled to perform. Media were barred from attending, but videos posted on social media showed Gerovich and Eric Trump taking the stage in matching Metaplanet jerseys.

Speaking about the company’s shift into crypto, Trump said:
“I think many people—including Simon, and certainly myself—would say that Michael Saylor has been a pioneer in the United States. And there’s no question Simon has led the way across Asia.”

By selling bonds and warrants, Metaplanet has continued to expand its Bitcoin holdings. According to BitcoinTreasuries.net, it is now the world’s seventh-largest public treasury holder of the cryptocurrency. On Monday, the company announced the purchase of 1,009 additional coins, bringing its total reserves to 20,000.

Metaplanet’s stock has surged nearly 740% over the past 12 months, compared with a 13% gain in the benchmark Topix index (.TOPX). However, shares have fallen more than half since peaking in June and were down 5.5% on Monday.

Earlier this year, Metaplanet named Eric Trump to its newly formed advisory board, describing him as “a leading global voice and advocate for digital asset adoption.”

Listed on the Tokyo Stock Exchange’s Standard Section, the company was previously known as Red Planet Japan and focused on hotel operations—before that, it was a wholesale music CD distributor. Its subsidiary, Red Planet Hotels Japan, filed for bankruptcy in May 2024.

($1 = 147.3300 yen)