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El Salvador’s post-review Bitcoin accumulation used no public funds: IMF
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El Salvador's recent growth in Bitcoin reserves following the first review of its International Monetary Fund (IMF) financing program was funded entirely by private donations, not public resources. The IMF confirmed this in a statement released on Thursday, addressing compliance questions surrounding the Central American nation's flagship cryptocurrency experiment.
The clarification comes after El Salvador announced in November 2025 that it had acquired an additional 1,090 BTC, valued at $100 million. This announcement reignited scrutiny over the country's adherence to the conditions of its $1.4 billion IMF program, which was agreed upon in December 2024.
Under that agreement, El Salvador committed to limiting public-sector involvement in Bitcoin. The deal made private-sector Bitcoin acceptance voluntary, required all taxes to be paid in US dollars, and mandated the unwinding of government involvement in the state-run Chivo wallet. However, President Nayib Bukele publicly stated at the time that Bitcoin purchases were "not stopping."
The IMF's latest statement verified that documents from Salvadoran authorities showed the post-June 2025 accumulation stemmed from private donations. Consequently, this increase does not represent government-financed purchases. The lender also noted that majority ownership and operational control of the Chivo wallet have been transferred to a private operator, with the government retaining only a minority stake.
This explanation follows a pattern of questions about El Salvador's Bitcoin activities. In March 2025, the IMF issued new rules barring "voluntary accumulation" by the public sector. A July 2025 IMF assessment had previously attributed earlier wallet growth to consolidation, not new purchases.
As of the latest data from the National Bitcoin Office, El Salvador holds approximately 7,764 BTC. At a current market price of around $80,900 per coin, this reserve is valued at roughly $628 million. This total remains above pre-agreement levels, with the recent additions now formally attributed to private contributions.
The IMF concluded that no further Bitcoin accumulation beyond these documented donations is expected. This resolution provides a degree of clarity for the ongoing "Bitcoin experiment," which President Bukele has defended as a sovereign national policy. The country continues to navigate the balance between its crypto ambitions and international financial commitments.
