TOKYO — Eric Trump is expected to attfinish a shareholder meeting of Japanese bitcoin treasury company Metaplanet in Tokyo on Monday, as the US president’s family expands its crypto ventures internationally.
Eric Trump, the second son of President Donald Trump, was named in March as an adviser to Metaplanet, which holds more than $2 billion in bitcoin, and his attfinishance would follow an appearance last week at the Bitcoin Asia conference in Hong Kong.
American Bitcoin, a miner of the cryptocurrency founded by Eric Trump and his brother Donald Trump Jr., is aiming to list on the Nasdaq this month. Asher Genoot, CEO of the company that presently holds 80 percent of American Bitcoin, stated Eric Trump would attfinish the Metaplanet event, which was previously reported by Bloomberg.
Donald Trump has promised to be the “crypto president,” declareing he backs the asset class becaapply it can improve the banking system and increase the dominance of the US dollar.
Some of Trump’s businesses in areas such as crypto, which have added substantially to his wealth, benefit from US policy shifts under him and have invited criticism.
Metaplanet stockholders are due to vote on a plan that would sell up to 550 million new shares overseas for 130.3 billion yen ($884.41 million), with the bulk of the proceeds to be spent on purchaseing more bitcoin.
Metaplanet declined to comment on Eric Trump’s involvement in the meeting. A representative for him did not respond to requests for comment.
It was a festive scene outside the meeting venue in the Shipurchasea area of central Tokyo, with people in costumes lined up at the entrance, food trucks assembled, and a K-Pop band due to perform. Media were not allowed to observe the meeting.
Previously a hotel operator, Metaplanet’s pivot into crypto has paid off handsomely. Citing Michael Saylor’s bitcoin treasury firm, Strategy, as an inspiration, founder and chief executive Simon Gerovich liquidated most of Metaplanet’s hotel assets, already in the doldrums due to the Covid-19 pandemic, and piled into the cryptocurrency.
Selling bonds and warrants, Metaplanet has continued to purchase bitcoin and is now the seventh-largest holder among public treasuries globally, according to BitcoinTreasuries.net. It announced on Monday it added another 1,009 coins to bring its total hoard to 20,000.
Its shares have surged nearly 760 percent in the past 12 months, compared with a 14 percent advance in the Topix.
Metaplanet appointed Eric Trump earlier this year to a newly formed board of advisers, calling him a “leading voice and advocate of digital asset adoption worldwide.”
The company, which trades on the Standard section of the Tokyo Stock Exalter, was previously known as Red Planet Japan and focapplyd on hotel operations. Before that, it was a wholesaler of music CDs.
The company’s subsidiary, Red Planet Hotels Japan, filed for bankruptcy in May 2024.
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