Offers Amid Uncertainty Over Its Bitcoin Bond

El Salvador's government issued an offer on Monday to buy back a portion of sovereign debt bonds maturing in 2023 and 2025, the Central American country said in a statement.

El Salvador set a purchase price of $910 for bonds maturing in 2023 and a $540 price for bonds maturing in 2025. Each bond has a total value of $800 million.

In July, when El Salvador's President Nayeb Bukel presented the repurchase plan, it was seen as an attempt to counter speculation about a possible default by El Salvador amid strained relations between the Central American country and traditional credit markets, especially after El Salvador established bitcoin. (BTC) as legal tender in September 2021.

So far, El Salvador is down about 50% on its massive investment in bitcoin, representing a potential loss of $52.4 million, according to CoinDesk data based on Buckel's announcement.