Eric Trump Clarifies Ties in Asia Other Than Metaplanet, MTPLF Stock Slips
Highlights
- Eric Trump clarified his commitment to Asia's largest Bitcoin buyer Metaplanet.
- Trump denied his involvement with Japan-listed company ABC (formerly GFA), causing stock to tumble.
- Metaplanet and MTPLF stock continues to slip lower amid uncertainty around Bitcoin price performance.
Eric Trump, US President Donald Trump’s son, on Monday clarified his allegiance to Metaplanet only in the Asian region. The move comes in response to rumors stirring about his involvement in another company in Asia amid his visit to the region.
Eric Trump Clarifies Commitment to Metaplanet Only
Eric Trump took to the X platform on September 8 to clarify that he is involved only with Metaplanet, aka Asia’s Strategy. He said Bitcoin treasury firm “Metaplanet is the only company I am aligned with in the region.”
His photo with the president of ABC (formerly GFA) was circulated in Japan’s investment community. The speculation of Eric’s ties with ABC triggered a rise in the stock price of the firm. It is believed that foreign investors saw this photo and purchased ABC, believing it would definitely skyrocket.
On Monday, GFA stock tumbled more than 17.79% to 462 JPY after Eric denied any involvement with the firm. The 24-hour low and high are 462 JPY and 630 JPY. He said:
“I don’t know who this is, nor do I have ANY involvement in this company. This was a picture from a conference when I was in Asia. If someone is representing that I’m involved in this company, let me be clear – I am not.”
Eric Trump was earlier appointed as strategic advisor to Metaplanet, Japan’s largest corporate holder of Bitcoin. He also attended Metaplanet’s shareholder meeting last week.
Today, Metaplanet increased its total Bitcoin holdings to 20,136 BTC. The firm purchased 136 BTC for $15.2 million at an average price of $111,783 per BTC.
Metaplanet and MTPLF Stocks Slump
At the time of writing, Metaplanet stock closed more than 2.96% lower at 688 JPY. The stock continues its decline amid heavy short positions by institutions. As per Yahoo Finance, the stock has dropped 31% in a month, reducing the year-to-date (YTD) return to nearly 97%.
Meanwhile, MTPLF stock is also under selling pressure as it closed 1.62% lower at $4.855 last week. It is down 30% in a month and up 108% YTD.
The uncertainty surrounding Bitcoin price performance amid macro factors and institutional shift to altcoins has plunged prices. BTC price is trading at $110,979, 3.4% higher in a week.
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