Eric Trump, strategic advisor to Japan-based Metaplanet Inc. (OTC:MTPLF), cheered the firm’s jump in Bitcoin (CRYPTO: BTC) holdings over the last year.
What Happened: In an X post on Monday, Metaplanet CEO Simon Gerovich attached a snippet of the company’s Bitcoin holdings tracker, highlighting a sharp jump from April, when it first began buying BTC, to the present.
Gerovich wrote, “Accelerate,” accompanied by the rocket emoji, emblematic of the “to the moon” bullish sentiment that cryptocurrency aficionados usually preach.
In response, Trump, who recently became a member of Metaplanet’s newly established Strategic Board of Advisors, endorsed the rapidly growing Bitcoin hoard by adding the rocket and fire emojis.
See Also: Five Years Ago, 31 Bitcoin Bought A House--Here’s How Many You Need Today
Why It Matters: Metaplanet held 4,525 BTCs, worth $388.15 million as of this writing, making it the tenth-largest corporate holder of the leading cryptocurrency and the largest in Japan, according to data from BitcoinTreasuries.
Noticeably, the stockpile stayed static until September but has since risen dramatically, corresponding with the bull market later in the year.
The company adopted Bitcoin as a strategic treasury reserve asset to shield itself against Japan’s economic problems and the declining value of its national currency, the yen. It has followed in the footsteps of Michael Saylor’s Strategy, a company that has popularized Bitcoin’s corporate adoption, earning the sobriquet “Asia’s Strategy.”
Much like Strategy, the company has issued zero-interest bonds to gather funds for its Bitcoin purchases.
Price Action: At the time of writing, Bitcoin traded at $85,862.33, up 1.24% in the last 24 hours, according to data from Benzinga Pro.
In the over-the-counter market, Metaplanet closed 1.96% lower at $2.75 on Monday.
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