Eric Trump appeared in Tokyo on Monday to back Japanese bitcoin treasury firm Metaplanet (3350.T), as the U.S. president’s family expands its crypto ventures abroad.
Donald Trump’s second son, who was appointed an adviser to Metaplanet in March, attended the company’s extraordinary shareholders’ meeting, following his appearance last week at the Bitcoin Asia conference in Hong Kong. Metaplanet, which holds more than $2 billion worth of bitcoin, sought approval to sell up to 550 million new shares overseas to raise 130.3 billion yen ($884 million), with most of the funds earmarked for further bitcoin purchases. Attendees leaving the meeting in Shibuya, central Tokyo, said the capital-raising plan had been passed.
Metaplanet declined to comment on Eric Trump’s involvement, both before and after the vote, and his representatives did not respond to requests for comment.
President Donald Trump has pledged to be the “crypto president,” arguing that digital assets can strengthen the banking system and bolster the U.S. dollar’s global dominance. Some of his family’s ventures in sectors such as cryptocurrency have grown significantly under his administration, though they have also drawn criticism.
Eric Trump and his brother Donald Trump Jr. co-founded American Bitcoin, a mining firm that plans to list on the Nasdaq this month. Speaking in Hong Kong, Eric Trump said he believed bitcoin could reach $1 million within a few years. On Monday, it was trading at $108,046.79, down from last month’s record of $124,480.82.
Metaplanet, once a hotel operator, has reaped big rewards since pivoting to crypto. Inspired by Michael Saylor’s bitcoin treasury firm MicroStrategy, founder and chief executive Simon Gerovich sold off most hotel assets already struggling during the COVID-19 pandemic and began investing heavily in bitcoin in April 2024.
Outside Monday’s meeting venue, a festive atmosphere prevailed, with food trucks, people in costumes, and a K-Pop band on the schedule. Media were barred from entering. Later, Gerovich and Eric Trump appeared on stage in matching Metaplanet jerseys, with shareholder videos circulating on social media.
“I think many people, Simon included, and myself too, would say that Michael Saylor really led the way in the U.S.,” Eric Trump told the crowd. “There’s no question Simon’s leading the way across Asia.”
Metaplanet has raised funds through bonds and warrants to keep buying bitcoin and now ranks as the world’s seventh-largest public holder, with 20,000 coins following the latest addition of 1,009. Its shares have climbed about 740% in the past year, far outpacing the 13% rise in the benchmark Topix index, though the stock has more than halved since peaking in June and fell a further 5.5% on Monday.
Earlier this year, Metaplanet appointed Eric Trump to a newly formed advisory board, describing him as a “leading voice and advocate of digital asset adoption worldwide.”
The company, listed on the Tokyo Stock Exchange’s Standard section, was previously Red Planet Japan, a hotel operator, and before that a CD wholesaler. Its subsidiary, Red Planet Hotels Japan, declared bankruptcy in May 2024.
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