El Salvador is reaping $12.6 million in unrealized gains from its Bitcoin (BTC) investment after being in the red for two years, according to data from Nayibtracker.
The last purchase was in November 2022, when Bitcoin was at $27,780, bringing the average stash cost to $42,440. El Salvador owns a total of 2,798 bitcoins ($131.3 million).
Bitcoin is up 75% since October, boosted by the impending approval of a Bitcoin ETF in the US. The SEC is expected to make a decision this week.
In 2021, El Salvador became the first country to adopt Bitcoin. There is speculation that Argentina will be next following the appointment of President Javier Miley as the country battles a wave of hyperinflation.