Metaplanet Buys the Dip, Stock Takes the Trip!

Metaplanet bought another $44 million worth of BTC, which caused is stock to jump 19%.

Author

Danielle du Toit
March 05, 2025

Here's what we've got for you today:

  • Metaplanet Stock Jumps 19% as it Buys the Dip with 497 Bitcoin Purchase

  • Trump Administration Moves to Overturn IRS DeFi Broker Rule

  • El Salvador Defies IMF Pressure and Continues Buying Bitcoin

  • Olympian Breakdancer Raygun’s Brother Accused of Crypto-Linked Crime

Metaplanet bought another $44 million worth of Bitcoin, which caused is stock to jump by close to 19%.

  • CEO Simon Gerovich announced on March 5 that the firm bought 497 BTC at an average price of $88,448 per coin, spending $43.9 million.

  • Metaplanet now holds 2,888 BTC, which it bought at an average price of $84,240 per coin, valued at approximately $251 million.

  • The price of Bitcoin dropped by about 8.5% in the past 14 days, reaching a three-month low below $79,000 on Feb. 28 because of concerns over a potential trade war from Trump's planned tariffs.

The White House announced its support for congressional efforts to overturn the IRS rule that classifies DeFi software providers as brokers.

  • The Trump administration supports resolutions by Senator Ted Cruz and Representative Mike Carey to repeal an IRS rule that broadens the definition of a "broker" to include DeFi software providers.

  • The Office of Management and Budget (OMB) criticized the IRS rule, and stated that it will stifle innovation, raise privacy concerns, and impose heavy compliance burdens on US DeFi companies.

  • The rule was introduced in December of 2024, and is set to take effect in 2027. However, it has faced strong opposition from the crypto industry.

El Salvador remains steadfast in its Bitcoin accumulation despite the renewed IMF pressure to stop purchases.

  • Despite renewed pressure from the IMF, President Nayib Bukele stated on March 4 that El Salvador will continue buying Bitcoin, rejecting the IMF’s request to stop purchases under a $1.4 billion funding arrangement.

  • The IMF’s latest memorandum urged El Salvador to halt Bitcoin mining and restrict public sector debt issuance linked to Bitcoin, though it is still unclear whether the government will comply with these aspects.

  • Despite these pressures, the country continued its Bitcoin purchases and currently holds about 6,101 BTC, which is valued at approximately $534.5 million.

Australia’s finance watchdog charged Brendan Gunn, the brother of Olympian breaker Rachael Gunn, for allegedly dealing with money suspected to be proceeds of crime.

  • The Australian Securities and Investments Commission (ASIC) charged Brendan Gunn with one count of dealing with suspected crime proceeds related to $181,000 from three investors meant for cryptocurrency conversion.

  • ASIC claims Gunn handled two bank cheques containing funds from victims who believed they were investing in crypto.

  • Gunn’s sister,"Raygun," went viral for her breakdance performances at the 2024 Olympics, despite losing all three battles in the competition.

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