President Nayib Bukele said El Salvador’s sovereign Bitcoin reserve is now worth about $691 million, giving the country an unrealized gain of nearly $400 million. Bukele posted a portfolio screenshot after Bitcoin touched a fresh record high, showing that the government’s cumulative outlay of roughly $291 million since 2021 has appreciated by more than 130%. The disclosure offers the clearest snapshot to date of the fiscal impact of El Salvador’s decision to adopt Bitcoin as legal tender alongside the U.S. dollar. While the paper profit strengthens the administration’s argument that the cryptocurrency strategy can boost public finances, the gains remain unrealized and vulnerable to Bitcoin’s price swings. Private investment activity around the policy continues to build. Start-ups Nexbridge and Nexplace said they have raised $8 million to develop a Bitcoin-focused capital-markets platform in the country, aiming to expand trading, custody and other financial services in what they call the world’s first “Bitcoin nation.”