*

Eric Trump praises Metaplanet ( MTPLF ) CEO's crypto push, social

media

videos show

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Eric Trump named adviser to Metaplanet ( MTPLF ) in March

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Metaplanet ( MTPLF ) shares surged 740% in past year, but are down

sharply

recently

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Firm plans to sell up to 550 million shares for about $884

million

(Adds details on Eric Trump's presence in paragraphs 1, 10-11,

and updates shares)

By Rocky Swift and Anton Bridge

TOKYO, Sept 1 (Reuters) - Eric Trump took the stage in

Tokyo on Monday to throw his support behind Japanese bitcoin

treasury company Metaplanet ( MTPLF ), as the U.S. president's

family expands its crypto ventures internationally.

The second son of President Donald Trump was named in March

as an adviser to Metaplanet ( MTPLF ), which holds more than $2 billion in

bitcoin, and his attendance at the company's extraordinary

shareholders' meeting followed an appearance last week at the

Bitcoin Asia conference in Hong Kong.

Metaplanet ( MTPLF ) called the meeting to approve a plan that would

allow it to 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 buying more bitcoin. Three people who came out of

the meeting held in the Shibuya area of central Tokyo said the

capital-raising plan was approved.

Metaplanet ( MTPLF ) declined to comment on Eric Trump's involvement

in the meeting, when Reuters contacted the company before the

event began. It did not respond to a subsequent email seeking

comment on the capital-raising vote. A representative for Eric

Trump did not respond to requests for comment.

Donald Trump has promised to be the "crypto president",

saying he backs the asset class because it can improve the

banking system and increase the dominance of the U.S. dollar.

Some of Trump's businesses in areas such as crypto, which

have added substantially to his wealth, benefit from U.S. policy

shifts under him and have invited criticism.

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. In Hong Kong, Eric Trump expressed

confidence the cryptocurrency would reach $1 million in value

within several years. Bitcoin traded at $108,046.79 on Monday,

down from its record of $124,480.82 touched last month.

COSTUMES AND FOOD TRUCKS

Previously a hotel operator, Metaplanet's ( MTPLF ) pivot into crypto

has paid off handsomely. Citing Michael Saylor's bitcoin

treasury firm Strategy MSTR.O as an inspiration, founder and

chief executive Simon Gerovich liquidated most of Metaplanet's ( MTPLF )

hotel assets, already in the doldrums due to the COVID-19

pandemic, and piled into the cryptocurrency starting in April

2024.

At the meeting venue on Monday, it was a festive scene, 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.

In the afternoon, Gerovich and Eric Trump took the stage

wearing matching Metaplanet ( MTPLF ) jerseys, according to shareholder

videos posted on social media.

"I think a lot of people, Simon included, and certainly me

included, would say that Michael Saylor kind of led the front in

the United States," Eric Trump said, referring to the push into

cryptocurrencies. "There's no question that Simon's led the

front in all of Asia."

Selling bonds and warrants, Metaplanet ( MTPLF ) has continued to buy

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 about 740% in the past 12 months,

compared with a 13% advance in the benchmark Topix

index. Even so, the stock has tumbled by more than half since

its peak in June, and was down 5.5% on Monday.

Metaplanet ( MTPLF ) 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 Exchange, was previously known as Red Planet Japan

and focused 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.

($1 = 147.3300 yen)