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Bitcoin-stacking Metaplanet bought at $96,185, while El Salvador bought at around $94,050 per Bitcoin.
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Metaplanet and El Salvador both stacked Bitcoin ahead of the crypto market slump on Feb. 25, with Bitcoin falling as much as 5% over 10 hours.
Metaplanet said it had bought 135 Bitcoin (BTC) for $13 million at around $96,185, while Bitcoin-stacking nation El Salvador purchased 7 Bitcoin on Feb. 24, around the time Bitcoin was trading at $94,050.
Both came before Bitcoin fell below $91,000 in the early hours of Feb. 25.
Bitcoin has since rebounded to $92,260, though crypto market sentiment has dropped to its lowest level in over five months.
The Japan-based firm’s latest purchase brings its total Bitcoin stash to 2,225 Bitcoin, worth over $205 million.
With an average purchase price of $81,834, the Simon Gerovich-led firm is currently up around 12.7% on its Bitcoin investment since April, when the investment firm first announced it would embrace Bitcoin as a treasury asset.
Metaplanet, however, noted that its “BTC Yield” — the period-to-period percentage change in the ratio between a company’s Bitcoin holdings and its diluted shares — is up 23.3% this quarter — putting it on track to reach its 35% target per quarter for Q1.
Source: Simon Gerovich
Metaplanet is currently the 14th largest corporate Bitcoin holder in the world, according to BitBo’s BitcoinTreasuries.NET data.
The company’s latest purchase failed to boost Metaplanet’s (TYO: 3350) share price on the Tokyo Stock Exchange, which has fallen 0.16% to 6,130 Japanese yen ($41.06) since the announcement was made during the Feb. 25 lunch break, Google Finance data shows.
El Salvador adds another 7 Bitcoin to its reserve
Meanwhile, El Salvador’s Bitcoin purchase was six more than its usual one Bitcoin per day, according to the El Salvador National Bitcoin Office.
The purchase came about an hour before Trump confirmed America’s plan to impose a 25% tax on imports from Canada and Mexico is still “on schedule” and crypto markets fell shortly after.
The Central American country’s latest purchase takes its total Bitcoin stash to 6,088 Bitcoin, worth $560.7 million at current prices.
Change in El Salvador’s Bitcoin holdings since Jan. 29. Source: El Salvador National Bitcoin Office
El Salvador continued investment in Bitcoin comes as it agreed to pull back several Bitcoin policies as part of a $1.4 billion deal with the International Monetary Fund.
One of those agreements included not making it mandatory for merchants to accept Bitcoin as a form of payment.
Related: DeFi’s Missing Link: Fixed Income (feat. Treehouse)
Meanwhile, at least eight spot Bitcoin exchange-traded funds from seven issuers saw outflows on Feb. 24 — totaling a combined $357.8 million, Farside Investors data shows.
The Fidelity Wise Origin Bitcoin Fund was hit hardest with an outflow of $247 million, while the BlackRock-issued iShares Bitcoin Trust saw 159 million in outflows, according to preliminary data from HODL15Capital.
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This article first appeared at Cointelegraph.com News
