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BTC El Salvador's national bitcoin reserves are still quietly growing
Even though the International Monetary Fund (IMF) insists that the country has not purchased new coins, El Salvador's national bitcoin reserves are still quietly and steadily growing. According to government wallet data tracked by Arkham Intelligence, six new bitcoins have been added in the past week, causing the total reserve worth approximately US$468 million to continue to expand at a rate close to the official claim of one bitcoin per day.
According to data from BitcoinTreasuries.net, as of July, track-based statistics showed that El Salvador's national holdings were approximately 7700 bitcoins. This is an increase from the approximately 5968 bitcoins recorded when the project was launched in December 2024.
The actual content of the IMF agreement
The IMF's Extended Fund Facility was approved by the Executive Board in early 2025 and includes a continuing quantitative performance criterion, which is to set a zero cap on the voluntary accumulation of bitcoins by the public sector. These are not vision goals, but performance standards linked to loan disbursement, with consequences if deviated.
President Nayeb Bukel's government continues to promote its plan to purchase 1 Bitcoin per day to build strategic Bitcoin reserves. The IMF's response has been consistent: growth on the chain does not represent new market purchases. IMF spokesperson Julie Kozak explained in July 2025 that the significant increase in the Strategic Bitcoin Reserve Fund reflects "capital flows between different government wallets" rather than a net increase in the public sector in the market.
Ambiguity areas that both sides are willing to accept
Loan disbursements continue, and neither side seems eager for a showdown. The IMF said in May 2025 that it "will continue to work" to ensure that the total amount of Bitcoin held by the Salvadoran government remains unchanged, a language that suggests ongoing surveillance rather than a compliance conclusion has been reached. At the same time, the incident is setting a living precedent: as long as broader macroeconomic goals remain on track, a sovereign country can maintain Bitcoin reserves within the framework of the IMF's active projects and increase the size of reserves it tracks publicly.
Currently, the Bitcoin Office in El Salvador continues to issue daily purchase announcements, the blockchain continues to record capital inflows, and the IMF continues to call it "consolidation."
