TheBlock
El Salvador has not used public funds to accumulate bitcoin since June 2025, the International Monetary Fund said on Friday, after the country provided documentation showing all accumulation since then came through private donations. The disclosure came as IMF staff reached a deal with Salvadoran authorities on the combined second and third reviews of the country's 40-month Extended Fund Facility program, which, subject to Executive Board approval, unlocks about $140 million in financing. Last year, the IMF said it would work to ensure the government's bitcoin holdings remained unchanged as part of the program, but President Nayib Bukele's government added 8 BTC shortly after that May announcement, bringing official holdings to 6,190.18 BTC, then disclosed a 1,090 BTC purchase worth about $100 million in November that took the total to 7,474 BTC.
Why it matters
The IMF's confirmation is the first public acknowledgment that El Salvador's bitcoin accumulation has effectively decoupled from public balance sheets. The fund's review said no further bitcoin accumulation beyond the documented donations is expected, a quieter but more durable constraint than the headline cap the IMF tried to impose in 2024. El Salvador is also working to improve transparency around bitcoin holdings across different wallets while strengthening governance and risk management in public-sector crypto-asset holdings. The country has substantially unwound public participation in its Chivo e-wallet, with majority ownership and operational control transferred to a private operator while the government retained a minority stake and custodial responsibility for customer assets.
Market impact
Bitcoin was approaching $81,000 on Friday, up 4.5% over the previous 24 hours, with a market capitalization around $1.6 trillion and roughly $42.6 billion in 24-hour trading volume. The El Salvador news carried no measurable effect on spot, where flows tracked broader risk-on sentiment. The longer arc matters more. El Salvador was the first sovereign adopter and its quiet retreat from public-balance-sheet accumulation is the closest thing the IMF's program produces to a precedent.
Frequently asked questions
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Why is the IMF tracking El Salvador's bitcoin accumulation?
Under the 40-month Extended Fund Facility program, the IMF said in 2024 it would work to keep El Salvador's government bitcoin holdings unchanged. The latest disclosure is the first public confirmation that accumulation since June 2025 has come entirely from private donations.
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How much IMF financing does the new deal unlock for El Salvador?
The combined second and third reviews of the EFF program unlock about $140 million for El Salvador, pending approval by the IMF Executive Board and completion of agreed prior actions.
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What has happened to El Salvador's Chivo e-wallet?
The government has substantially unwound public participation in Chivo, transferring majority ownership and operational control to a private operator while retaining a minority stake and custodial responsibility for customer assets.
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Will El Salvador keep adding bitcoin to its reserves?
The IMF said no further bitcoin accumulation beyond the documented private donations is expected. The fund did not provide a total figure for bitcoin received via private donations since June 2025.
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How much bitcoin does El Salvador officially hold?
According to the country's Bitcoin Office disclosures cited in the IMF statement, El Salvador held 7,474 BTC after a 1,090 BTC purchase worth about $100 million disclosed in November.
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