El Salvador's Bitcoin Buys Used No Public Funds: IMF

Key facts

• El Salvador's Bitcoin accumulation after its June 2025 IMF program review used no public funds.
• Documentation provided to the IMF verified that the Bitcoin accumulation came from private donations.
• The Chivo wallet's majority ownership and operational control have been transferred to a private operator.
• The government retains a minority stake and custodial responsibilities for the Chivo wallet.
• The IMF stated no further accumulation beyond documented donations is expected.

The International Monetary Fund (IMF) has stated that El Salvador did not use public funds to acquire Bitcoin after its June 2025 program review. Documents supplied by Salvadoran authorities confirmed that the Bitcoin accumulation was financed by private donations, thereby not violating the terms of its $1.4 billion IMF financing program. The IMF also noted that operational control of the Chivo wallet has been transferred to a private operator, with the government retaining a minority stake.

Questions regarding El Salvador's Bitcoin holdings resurfaced after the country announced in November 2025 that it had acquired 1,090 BTC, valued at $100 million. This announcement followed an agreement in December 2024, where El Salvador committed to limiting public-sector involvement in Bitcoin, making private-sector acceptance voluntary, and requiring taxes to be paid in U.S. dollars. In March 2025, the IMF issued new documents prohibiting voluntary Bitcoin accumulation by the public sector. Despite this, President Nayib Bukele indicated that purchases would continue, with El Salvador aiming to add at least one BTC daily.

Previously, in July 2025, the IMF had suggested that increases in holdings were due to consolidation among government wallets, not new purchases. El Salvador's National Bitcoin Office currently reports holdings of approximately 7,764 Bitcoin, valued at about $628 million at current prices. The IMF's latest statement clarifies that these additions are attributed to private donations, maintaining the balance above pre-agreement levels.