El Salvador’s BTC Bet Is $13M in Profit as Bitcoin ETF Approval Approaches

El Salvador is sitting on $12.6 million in unrealized profits on its bitcoin (BTC) investment after being in the red for two years, according to data from Nayibtracker.

The country started buying bitcoin in September 2021, paying between $47,250 and $52,670 for 700 BTC over the course of two weeks. President Nayib Bukele hailed the investment as being “back in the black” last month.

The most recent purchase was in November 2022, when bitcoin was at $27,780, taking the average cost for the stash to $42,440. El Salvador holds a total of 2,798 bitcoin ($131.3 million).

Bitcoin has surged by 75% since October, buoyed by the impending approval of a spot bitcoin ETF in the U.S. The Securities and Exchange Commission (SEC) is expected to make a decision this week.

In 2021, El Salvador became the first nation to adopt bitcoin. There is speculation that Argentina will be next following the appointment of President Javier Milei as the country battles a wave of hyperinflation.