The IMF confirmed that Bitcoin added to El Salvador's reserves since mid-2025 is from private donations, not public funds, amid ongoing purchases by the government.
Summary
- El Salvador may unlock $140 million from the IMF pending board approval following a preliminary agreement on program reviews.
- The IMF states that Bitcoin added to the country’s reserves since mid-2025 has been sourced exclusively from private donations.
- Recent claims by El Salvador's Bitcoin Office indicate ongoing purchases of Bitcoin, contradicting some IMF assertions.
The International Monetary Fund (IMF) has confirmed that Bitcoin added to El Salvador's national reserves since mid-2025 has been funded solely through private donations. This revelation is part of a staff-level agreement regarding the country’s second and third program reviews.
Documentation from Salvadoran authorities corroborates the IMF's findings, stating that the increase in reserves reflects private donations without any public funds involved. The IMF does not foresee any additional increases beyond these donations.
This stance marks a shift from the IMF's earlier position, where it indicated that the government-held Bitcoin remained unchanged and that the growth in the Strategic Bitcoin Reserve Fund was due to transfers within state-controlled wallets.
When the program began in December 2024, El Salvador's Bitcoin reserves stood at 5,968 BTC, which has now risen to 7,764 BTC, according to data from the Bitcoin Office. President Nayib Bukele's administration has maintained that it acquires one Bitcoin daily and reported a purchase of 1,090 BTC valued at around $100 million last November.
However, just last week, the Bitcoin Office claimed on social media that El Salvador had "just bought more Bitcoin," suggesting a discrepancy with the IMF's report.
🇸🇻EL SALVADOR JUST BOUGHT MORE BITCOIN
One BTC per day, every day!
Consistency = winning. Proof 👇 pic.twitter.com/myqwTuarQf
— The Bitcoin Office (@bitcoinofficesv) August 28, 2026
Chivo Wallet Transfer to Private Operator
The control of Chivo, the state-operated wallet launched under the 2021 Bitcoin Law, has shifted to a private operator, though the operator's identity has not been disclosed. El Salvador maintains a minority stake and is still responsible for customer asset protection.
If the IMF's executive board approves the reviews, El Salvador could receive about $140 million as part of a broader $1.4 billion Extended Fund Facility initiated in February 2025. This funding requires that the country make Bitcoin acceptance voluntary for merchants, collect taxes in U.S. dollars, and halt public-sector Bitcoin purchases.
The IMF also agreed on measures to enhance digital asset regulations and improve governance related to public-sector cryptocurrency holdings. It projects a 4.5% growth rate for El Salvador this year, fueled by investments, remittances, and tourism, with plans to reduce public debt to around 80% of GDP by 2030.
Details regarding the donors or the amounts contributed to El Salvador’s Bitcoin reserves were not disclosed by the IMF.
