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BTC The International Monetary Fund confirms that El Salvador has not used public funds to increase its holdings in Bitcoin
According to the results of the first financing plan review completed by the International Monetary Fund (IMF) in June 2025, El Salvador has not used any public resources in the process of accumulating Bitcoin. The agency issued a statement on Thursday saying documents provided by Salvadoran authorities confirmed that the increase in Bitcoin's holdings came mainly from private donations. Therefore, the increase in the number of bitcoins held by El Salvador does not reflect the government's use of public funds for additional purchases.
In addition, the IMF noted that most ownership and operational control of the Chivo wallet has been transferred to private operators, while the government retains only a minority stake and custody responsibilities. The IMF said it expected no further increases in holdings beyond the size of recorded donations.
This explanation responds to doubts about the growth of El Salvador's bitcoin reserves. Previously, the country announced in November 2025 that it had acquired 1,090 bitcoins for approximately US$100 million, a move that reignited market discussions on whether it met the compliance requirements of a US$1.4 billion IMF loan project.
Bitcoin's increase in holdings triggers ongoing compliance controversy
As early as December 2024, El Salvador agreed to restrict public sector participation in Bitcoin business under the IMF loan framework. According to the agreement, the private sector's acceptance of Bitcoin as a payment method becomes voluntary, government taxes must be paid in US dollars, and the management of the "Chiewo" wallet will be gradually phased out.
However, in March 2025, the IMF issued a new document that explicitly prohibits "voluntary" Bitcoin accumulation in the public sector. In response, President Naib Buker said that purchases "will not stop" and said El Salvador will continue to increase its holdings of at least one bitcoin a day.
Since then, the National Bitcoin Office of El Salvador has continued to announce its increase in holdings. In July 2025, the IMF gave a preliminary explanation, saying that it had not purchased new bitcoins since the agreement was reached in December, and attributed the increase in reserves to the consolidation of funds in the government's internal wallets.
But the November announcement brought the issue to the surface again. Previously, IMF representatives had told the media that the agency would not comment on various announcements in real time and would assess countries 'compliance in a timely manner.
Current position size and value
According to official reserve tracking data from the National Bitcoin Office, El Salvador currently holds approximately 7,764 bitcoins. Based on the current Bitcoin price of US$80,900 shown by CoinGecko data, the value of this reserve is approximately US$628 million. Although the IMF attributes recent growth to private donations, the balance is still higher than it was before the IMF agreement was signed.
