Summary
- The IMF has reached a preliminary agreement regarding El Salvador's second and third program reviews, potentially unlocking $140 million pending board approval.
- According to the IMF, the Bitcoin added to El Salvador's reserves since mid-2025 has come from private donations, with no public funds utilized.
- Just last week, El Salvador's Bitcoin Office claimed it had "purchased" more BTC.
The International Monetary Fund (IMF) announced that the Bitcoin added to El Salvador's national reserves since mid-2025 has been funded exclusively through private donations, as detailed in a staff-level agreement on the country's combined second and third program reviews.
Documentation provided by Salvadoran officials confirmed that the increase in reserves since the initial review "reflects private donations and that no public resources were utilized," according to the IMF. The organization does not anticipate any further increases beyond these recorded donations.
The IMF's current position contrasts with its statements from a year ago, when an IMF communications officer indicated that the total amount of government-held Bitcoin had not changed, and that the growth in El Salvador's Strategic Bitcoin Reserve Fund was due to coins shifting between existing state-controlled wallets.
When the program commenced in December 2024, the reserve held 5,968 BTC, which has since risen to 7,764 BTC according to data from El Salvador's Bitcoin Office. The government led by President Nayib Bukele has consistently asserted that it acquires one Bitcoin daily and disclosed a purchase of 1,090 BTC valued at approximately $100 million last November.
As recently as last week, the Bitcoin Office tweeted that El Salvador had "just bought more Bitcoin," including a treasury chart indicating the addition of 31 coins over the past 30 days, which contradicts 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 Transfers to Private Operator
Control and majority ownership of Chivo, the state wallet introduced with the 2021 Bitcoin Law, have transitioned to a private operator, whose identity remains undisclosed. El Salvador retains a minority ownership stake and continues to be responsible for the protection of customer assets.
The completion of these reviews could result in the release of around $140 million, or SDR 101.96 million, once the executive board approves and El Salvador fulfills the previously agreed conditions. This funding is part of a larger $1.4 billion Extended Fund Facility initiated in February 2025, which mandates that El Salvador make the acceptance of Bitcoin by merchants voluntary, collect taxes in U.S. dollars, and cease public-sector purchases of Bitcoin.
Myriad: Predict Bitcoin's next price movement. Click here.The IMF staff also reached agreements on enhancing digital asset regulations and improving governance and risk management concerning public-sector cryptocurrency holdings.
The fund anticipates a growth rate of 4.5% for this year, driven by investments, remittances, and tourism, and aims to reduce public debt to approximately 80% of GDP by 2030.
The IMF did not disclose the identities of the donors or the amounts contributed to El Salvador's Bitcoin reserves.