El Salvador and Metaplanet double down buying the Bitcoin price dip
The post El Salvador and Metaplanet double down buying the Bitcoin price dip appeared on BitcoinEthereumNews.com.
El Salvador and Tokyo-listed Bitcoin treasury firm Metaplanet have taken advantage of BTC’s recent price drop to expand their investments in the leading crypto. This move comes as Bitcoin’s value fell to a three-month low below $90,000 due to a broader market downturn that resulted in over $1 billion in liquidation. El Salvador boosts Bitcoin reserves On Feb. 24, El Salvador’s President Nayib Bukele announced the country had acquired an additional 7 BTC, worth around $614,000. The purchase increases El Salvador’s Bitcoin holdings to 6,088 BTC, which are valued at approximately $541 million based on current market rates. El Salvador’s move comes after the country paused its daily Bitcoin purchase strategy last week, prompting media speculation. Since November 2022, the nation has consistently bought one Bitcoin each day. However, the last purchase before this recent acquisition occurred on Feb. 18, leading to rumors that El Salvador might be yielding to pressure from the International Monetary Fund (IMF) to reduce its BTC exposure. However, President Bukele’s announcement on X silenced skeptics, as he captioned the news with “O ye of little faith,” reinforcing the nation’s commitment to its Bitcoin strategy despite external pressures. Metaplanet’s BTC buy At the same time, Metaplanet has also taken advantage of the price drop by acquiring 135 BTC worth about ¥1.9 billion ($12.9 million) at an average price of ¥14.3 million ($95,961) per Bitcoin. With this latest acquisition, Metaplanet’s total Bitcoin holdings now stand at 2,235 BTC—an increase from the 1,761 BTC held at the end of 2024. Metaplanet CEO Simon Gerovich emphasized the company’s focus on maximizing Bitcoin yield, targeting a 35% quarterly yield in 2025. He noted that the firm has already achieved a cumulative yield of 23.2% this quarter. Meanwhile, this acquisition aligns with Metaplanet’s goal of amassing 10,000 BTC by the close…
Filed under: News - @ February 25, 2025 1:25 pm