The International Monetary Fund confirmed that El Salvador did not use public funds to increase its Bitcoin holdings, following the Fund’s assessment of the country’s $1.4 billion financing agreement in June 2025. Official documentation showed El Salvador’s Bitcoin acquisitions originated entirely from private donations.
IMF assessment and donation details
IMF officials verified that all cryptocurrency added to El Salvador’s reserves since June 27, 2025, was sourced from private philanthropic contributions rather than the government budget. No additional accumulation of Bitcoin beyond these donations is expected, according to IMF staff members familiar with the arrangements.
IMF staff indicated El Salvador’s official Bitcoin holdings increased solely through private donations since June 2025, and they do not expect further government accumulation beyond those contributions.
For context, in November 2025, El Salvador disclosed that it obtained 1,090 Bitcoin valued at $100 million. This news generated scrutiny regarding potential violations of IMF financing conditions, leading to demands for greater transparency regarding the origin of these funds.
Regulatory changes and ongoing Bitcoin strategy
In December 2024, as a condition of its IMF program, El Salvador pledged to reduce direct government involvement in Bitcoin operations. Under the arrangement, use of Bitcoin by private businesses became optional, tax payments were restricted to US dollars, and the government agreed to limit its participation in digital currency infrastructure.
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AAPLBy March 2025, new IMF documentation formally barred statal Bitcoin acquisitions. Despite this, President Nayib Bukele maintained that the government would continue its strategy of “buying one Bitcoin per day,” signaling a determination to expand national holdings.
El Salvador’s National Bitcoin Office provided frequent updates demonstrating this ongoing accumulation effort. In July 2025, the IMF stated that the increase in the country’s Bitcoin treasury resulted solely from consolidating government wallet balances, not from new purchases.
Public concerns intensified in November 2025 with the announcement of a large Bitcoin addition, again raising questions about compliance with IMF requirements, particularly regarding government expenditures.
Chivo wallet’s transition to private management
The IMF also confirmed that the Chivo platform—which serves as El Salvador’s state-supported digital wallet for Bitcoin transactions—has shifted to private sector management. The government now maintains only a minority stake and remains responsible for the security of customer digital assets. The identity of the private sector operators has not been disclosed.
El Salvador became the first nation to recognize Bitcoin as legal tender in 2021, a move that marked a significant milestone for cryptocurrency adoption by a sovereign government. Chivo was launched at that time as the country’s official tool for Bitcoin payments.
The government and the IMF also agreed to strengthen regulations on cryptocurrency and improve monitoring of Bitcoin held within the public sector.
Currently, El Salvador’s Bitcoin treasury stands at 7,764 BTC, valued at roughly $628 million, with Bitcoin trading close to $80,900 per coin.
| Metric | Value |
|---|---|
| Total BTC holdings | 7,764 BTC |
| Estimated value | $628 million |
| Recent acquisition (Nov 2025) | 1,090 BTC ($100 million) |
The IMF’s new staff-level agreement covers the second and third reviews of El Salvador’s 40-month Extended Fund Facility. Executive board approval could unlock approximately $140 million in additional funding for the country.
The IMF did not name the private donors or provide details regarding the size of individual donations.
Mini dictionary: Chivo is the government-backed digital wallet created by El Salvador in 2021, designed to facilitate Bitcoin payments and access for residents following the country’s adoption of Bitcoin as legal tender.
