Key Takeaways
- El Salvador moves over 5,000 BTC to a new cold storage wallet.
- The disclosure nearly doubles the country's known Bitcoin holdings.
- The move signifies El Salvador's continued commitment to Bitcoin.
El Salvador has moved 5,689.685 BTC into a cold storage wallet this week.
President Nayib Bukele’s disclosure nearly doubles the Central American nation’s known stash of the digital asset.
The move involved transferring $400 million worth of Bitcoin into the new cold wallet setup, referred to as the country’s “first Bitcoin piggy bank.”
Details of the Bitcoin transfer
The cold wallet, stored in a physical vault within El Salvador’s territory, contains 5,689.68 BTC, valued at $411 million.
This significantly exceeds the public trackers’ estimation of the nation’s holdings, which was under 3,000 BTC ($205 million) before the announcement.
Bukele also hinted that the country has been acquiring Bitcoin through various means, including selling passports, currency conversions for businesses, mining, and government services.
Implications of the expanded treasury
El Salvador’s enlarged Bitcoin treasury highlights the country’s commitment to Bitcoin since it became the first nation to adopt it as a treasury asset in September 2021.
The transfer to the cold wallet was mainly executed from Bitfinex, with the majority of the Bitcoin arriving on Thursday.
