Metaplanet and El Salvador buy Bitcoin amid market dip

Metaplanet and El Salvador continued their Bitcoin (CRYPTO:BTC) accumulation strategies on February 24, even as the cryptocurrency market experienced a slump.

Metaplanet purchased 135 Bitcoin for $13 million, at an average price of $96,185.

This acquisition increases Metaplanet's total Bitcoin holdings to 2,225 BTC, valued at over $205 million.

The company 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.

According to Simon Gerovich, Metaplanet's "BTC Yield" is up 23.3% this quarter, positioning the company to reach its 35% target for Q1.

Metaplanet is currently ranked as the 14th largest corporate Bitcoin holder globally.

The company's latest purchase, however, did not boost Metaplanet’s share price on the Tokyo Stock Exchange, which has fallen 0.16% to 6,130 Japanese yen ($41.06) since the announcement.

Meanwhile, El Salvador added 7 Bitcoin to its reserves at approximately $94,050 each.

This purchase, which is six more than El Salvador usually buys, increases the country's total Bitcoin holdings to 6,088 BTC, worth $560.7 million.

El Salvador's continued investment in Bitcoin occurs despite an agreement with the International Monetary Fund (IMF) to roll back some Bitcoin policies.

These changes included not making it mandatory for merchants to accept Bitcoin as a form of payment.

The market saw a recent decline in the number of spot Bitcoin exchange-traded funds (ETFs) from seven issuers, which had $357.8 million in outflows on February 24.

At the time of reporting, the Bitcoin (BTC) price was $88,590.71.