El Salvador Expands Bitcoin Reserves, Now Holds 6,068 BTC Worth Over $554 Million

El Salvador has once again increased its Bitcoin holdings, purchasing 12 BTC in a single day, bringing the country’s total to 6,068 BTC. At current market prices, this stash is valued at over $554 million.

On February 4, El Salvador acquired 11 Bitcoin for approximately $1.1 million, paying an average price of $101,816 per coin. Later that day, the country added another 1 BTC for $99,114, according to the government’s Bitcoin Office tracker. The move follows a week in which the nation has added 21 BTC to its reserves, further cementing its commitment to Bitcoin.

Continued Growth of El Salvador's Bitcoin Reserve

“El Salvador has stacked 21 BTC this week!” the Bitcoin Office proudly announced on February 4 via X (formerly Twitter). The post also noted that the country had purchased 60 BTC over the past 30 days. This consistent accumulation adds to the country’s strategic Bitcoin reserve, which has now become one of the world’s largest national holdings of the cryptocurrency.

The total reserve is now at 6,068 BTC, a significant increase from previous stockpiles. As of the most recent market data, this Bitcoin reserve is valued at over $554 million. Despite fluctuations in the market, including a recent dip to a low of $96,000 per BTC, the price has since rebounded to around $98,000, with earlier intraday highs exceeding $100,000.

Strategic Moves Amid IMF Deal

The latest Bitcoin purchases come amid El Salvador’s ongoing negotiations with the International Monetary Fund (IMF). Last month, the country reached a $1.4 billion financing agreement with the IMF, in which it agreed to scale back certain aspects of its Bitcoin-related activities. As part of the agreement, El Salvador modified its approach to Bitcoin, including making the private sector’s acceptance of the cryptocurrency voluntary and reducing government involvement in the Chivo Wallet, the country’s state-backed Bitcoin wallet.

On January 29, El Salvador’s Congress swiftly amended its Bitcoin laws to comply with the terms of the IMF deal. Despite these changes, El Salvador has continued to accumulate Bitcoin. In fact, the day after the agreement was finalized, the country purchased $1 million worth of Bitcoin, reinforcing its stance on maintaining and growing its crypto reserves.

Future Plans for Bitcoin Acquisition

El Salvador's Bitcoin strategy remains intact despite external pressures. In late December, National Bitcoin Office Director Stacy Herbert reassured the public that the country’s plans for Bitcoin had not changed. Additionally, a Bitcoin Office spokesperson confirmed that the government intends to continue its Bitcoin purchasing strategy, with plans to intensify its efforts in 2025.

The country’s ongoing Bitcoin buys signal a long-term commitment to the cryptocurrency, positioning El Salvador as a pioneer in the integration of digital assets into national financial strategies. With its growing Bitcoin reserves, the country is setting an example of how nations can diversify their financial portfolios with digital currencies, even amid volatile market conditions.