El Salvador’s post-review Bitcoin accumulation used no public funds: IMF
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Written by
Simonas Brazionis - Updated 2026-09-05 21:16:24
El Salvador’s post-review Bitcoin accumulation did not involve public funds, as confirmed by the International Monetary Fund (IMF). The IMF reported on Thursday that Salvadoran authorities provided documentation indicating these holdings originated from private donations. This clarifies that the increase in El Salvador’s Bitcoin reserves does not signify additional purchases financed by government resources.
The IMF also noted that the majority ownership and operational control of the Chivo wallet have been transferred to a private operator. The government now retains only a minority stake and custodial duties, with no further Bitcoin accumulation beyond documented donations anticipated.
Addressing Compliance Concerns
This clarification addresses previous questions about the growth in El Salvador’s Bitcoin holdings following the first review of its financing program. A November 2025 announcement of acquiring 1,090 BTC, valued at $100 million, had raised concerns regarding compliance with the country's $1.4 billion IMF program.
As part of the IMF package, El Salvador had agreed in December 2024 to limit public-sector involvement in Bitcoin. Key stipulations included voluntary private-sector Bitcoin acceptance, U.S. dollar tax payments, and a phased withdrawal of government involvement in Chivo. In March 2025, the IMF further prohibited “voluntary accumulation” of Bitcoin by the public sector, despite President Nayib Bukele's stated intention to continue daily purchases.
Evolution of Bitcoin Policy and Holdings
Subsequently, El Salvador’s Bitcoin Office frequently reported ongoing Bitcoin accumulation. In July 2025, the IMF initially explained that no new Bitcoin had been purchased since the December agreement, attributing increases to consolidation among government wallets. However, the November announcement prompted further inquiry, leading to the current explanation regarding private donations.
El Salvador currently holds approximately 7,764 Bitcoin, valued at about $628 million, according to the National Bitcoin Office’s official reserve tracker. This balance is higher than before the IMF agreement, reflecting the additions now attributed by the IMF to private donations.
