El Salvador expands Bitcoin reserves to 6,068 BTC with new purchases

El Salvador has increased its Bitcoin (CRYPTO:BTC) reserves by acquiring 12 BTC in a single day, bringing its total holdings to 6,068 BTC, valued at over $554 million.

On February 4, the country purchased 11 BTC for just over $1.1 million, averaging approximately $101,816 per Bitcoin. Later that day, an additional 1 BTC was acquired for $99,114.

The Bitcoin Office announced on X that El Salvador has accumulated a total of 21 BTC within the week and has purchased 60 BTC over the past month.

Despite Bitcoin experiencing a dip to a 24-hour low of around $96,000, it has since recovered to approximately $98,000.

This latest acquisition follows a $1.4 billion financing agreement between President Nayib Bukele and the International Monetary Fund (IMF), which included commitments to reduce some of the government's Bitcoin activities.

As part of the agreement, the government made Bitcoin acceptance voluntary for the private sector and scaled back its involvement in the Chivo crypto wallet.

El Salvador's Congress swiftly approved legislation to amend its Bitcoin laws to comply with the IMF deal.

However, despite these changes, the government has continued its strategy of accumulating Bitcoin.

The day after finalising the IMF agreement, El Salvador purchased $1 million worth of Bitcoin.

National Bitcoin Office Director Stacy Herbert stated that the country's plans regarding Bitcoin remain unchanged and that they intend to intensify their purchasing strategy in 2025.

At the time of reporting, the Bitcoin (BTC) price was $97,885.56.