YEREVAN (CoinChapter.com) — As Bitcoin approaches $90,000, El Salvador and Bhutan have seen substantial growth in their holdings. On Nov. 12, Bitcoin reached $89,700, boosting the value of both countries’ Bitcoin assets. This surge has led to notable financial gains for both nations amid the ongoing crypto market rally.
El Salvador Sees $100 Million Increase in Bitcoin Value
Since September 2021, when El Salvador adopted Bitcoin as legal tender, the Central American country has steadily increased its holdings. Initially, El Salvador acquired 200 BTC as a starting point. Now, with Bitcoin’s rising market value, El Salvador holds around 5,900 BTC. According to Arkham Intelligence, El Salvador’s Bitcoin holdings were valued at approximately $402 million on Nov. 5. By Nov. 12, as Bitcoin’s price surged, this value rose to $518 million—an increase of more than $100 million in one week.
Bitcoin Holdings Top $1 Billion
Bhutan’s approach to Bitcoin first became public in April 2023, when filings from the bankruptcy of companies like Celsius and BlockFi revealed Bhutan’s involvement in crypto investments. The filings identified Druk Holding and Investments (DHI), Bhutan’s state-owned investment agency, as a client of these firms. Bhutan’s Bitcoin activities extend beyond holdings, as the nation began mining Bitcoin in April 2019, when BTC’s price hovered around $5,000.
Bhutan’s Bitcoin assets are valued at $1.03 billion today, holding approximately 12,568 BTC, per Arkham Intelligence. Additionally, Bhutan’s portfolio includes around $2 million in Ether (ETH) and other cryptocurrencies. This substantial accumulation is positioning it as a notable player among nation-states with both mining operations and extensive cryptocurrency reserves.
Bhutan Transfers Bitcoin to Binance as Prices Rise
Notably, amid Bitcoin’s surge to $71,000 in late October, Bhutan moved $66 million worth of BTC to Binance in two separate transactions. Consequently, while the country has not publicly announced its plans, the transfer indicates potential intentions to manage or cash in on its holdings as market values peak.
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