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BTC Core Points
- El Salvador's path to expand the Bitcoin treasury: the private sector takes over control of the Chivo platform.
- The International Monetary Fund (IMF) verified that El Salvador did not use public funds to purchase Bitcoin after a loan evaluation in June 2025.
- Documents from Salvadoran officials show that all new cryptocurrencies originated from private donations.
- The country's current treasury holdings in Bitcoin are 7,764 BTC, worth approximately US$628 million.
- Control and majority ownership of Chivo digital wallet have been transferred to private sector management.
- Subject to approval by the IMF Board, El Salvador will receive an allocation of approximately US$140 million.
The IMF confirms that El Salvador has not used public funds to purchase Bitcoin
The International Monetary Fund (IMF) has verified that El Salvador avoids using taxpayer funds to expand its cryptocurrency treasury after a preliminary assessment of its US$1.4 billion financing arrangements in June 2025. Official records submitted by the Salvadoran government prove that the new cryptocurrency originated from private charitable donations.
This statement states that since June 27, 2025, all new bitcoins have come from private donations, have not used public funds, and no further accumulation is expected in addition to these donations.
The verification was conducted after El Salvador disclosed in November 2025 that it had obtained 1,090 bitcoins worth US$100 million, a move that raised concerns about whether it violated IMF financing conditions.
El Salvador's journey to expand its Bitcoin treasury
In December 2024, as part of the IMF agreement, El Salvador committed to limiting government participation in Bitcoin operations. The agreement stipulates that private companies can voluntarily accept cryptocurrencies, mandating taxes only in U.S. dollars, and requires reduced government participation in the Chivo cryptocurrency platform.
By March 2025, the IMF document clearly prohibited government agencies from purchasing bitcoins at will. President Naib Buker responded firmly, declaring that purchases would continue and that a strategy of accumulating at least one Bitcoin per day would be maintained.
El Salvador's National Bitcoin Office regularly releases public disclosures proving that continued accumulation activities are continuing. However, the IMF stated in July 2025 that there had been no new Bitcoin purchases since December and that the increase in account balances was due to the internal government wallet consolidation process.
With the announcement in November 2025 about the acquisition of 1,090 bitcoins, doubts about compliance with the terms of the agreement have once again heated up. The IMF's current position quotes El Salvador's verification documents, confirming that these new assets represent private contributions rather than government acquisitions. The organization said it does not expect additional accumulation beyond these charitable donations.
Private sector takes over control of Chivo platform
The IMF also verified that control and day-to-day management of the Chivo platform have been transferred to private sector owners. The government retains a minority stake and is responsible for ensuring the security of customers 'digital assets. The IMF declined to identify the private operator.
El Salvador took the lead in adopting Bitcoin as legal tender in 2021, becoming the first country to implement such legislation. Chivo is the nationally backed digital wallet launched along with this historic decision.
The two sides have reached consensus on measures to strengthen the regulatory framework and strengthen monitoring of Bitcoin held by government agencies.
Current situation and future outlook
El Salvador's current total Bitcoin holdings are approximately 7,764. Given that bitcoin transactions are close to US$80,900 per coin, the estimated value of the country's reserves is US$628 million.
The latest employee-level understanding covers the second and third consolidated evaluations of El Salvador's 40-month extension fund facility project. Once authorized by the IMF's executive board, the agreement will unlock approximately $140 million in financial support for the country.
The IMF did not provide information identifying private contributors, nor did it detail the amount of individual donations.
