The International Monetary Fund ( IMF ) stated that El Salvador's increase in national Bitcoin reserves since June 2025 did not come from the government continuing to buy Bitcoin, but rather from private donations. If approved by the IMF Executive Board, El Salvador will receive approximately $140 million in funds after meeting the established prerequisites.
Change the reporting method for new reserve sources
IMF stated when announcing the preliminary agreements at the staff level for the second and third project reviews of El Salvador that the documents submitted by the Salvadoran side indicated that the increase in Bitcoin since the first review 'reflected private donations' and that no public resources were used. IMF also mentioned that, in addition to these recorded donations, no further additions are expected.
This statement is not consistent with the recent position taken by the Salvadoran authorities. Just last week, the Salvadoran Bitcoin Office stated on social media that the country “had just purchased more Bitcoin again,” and attached a chart showing an increase of 31 Bitcoins over the past 30 days.
Inconsistent with previous public statements
According to data from El Salvador's Bitcoin Office, when the project was launched in December 2024, the country's reserves were 5,968 BTC. These reserves have now risen to 7,764 BTC. The Bukele government has previously stated that it maintains a policy of "buying 1 Bitcoin per day" and announced in November 2025 that it would purchase an additional 1,090 BTC, which was worth approximately 100 million US dollars at that time.
However, what IMF stated a year ago was also different from this time. In September 2025, a communications official from IMF stated that the total amount of Bitcoin held by the government had not actually increased; the so-called increase in reserves was merely a transfer between wallets controlled by the state.
Chivo Control rights transferred to the private sector
IMF also revealed that the majority of the equity and operational control of El Salvador's national wallet Chivo have been transferred to an unnamed private operator. This wallet was launched alongside El Salvador's Bitcoin law in 2021. The Salvadoran government currently retains a minority stake and continues to be responsible for the custody of customer assets.
After this review is approved, El Salvador will receive approximately 140 million US dollars, which is equivalent to 101.96 million Special Drawing Rights (SDRs). This funding is part of an extended fund arrangement approved in February 2025 for a period of 40 months, with a total amount of 1.4 billion US dollars.
According to the conditions of this project, El Salvador needs to change the requirement for merchants to accept Bitcoin to a voluntary one, continue to levy taxes in US dollars, and stop the public sector from purchasing Bitcoin. IMF It is also stated that both parties have reached an understanding on the modernization of digital asset regulation, as well as the governance and risk management of the public sector's holdings of crypto assets.
IMF Still focuses on fiscal targets
IMF It is expected that driven by investment, remittances from abroad, and tourism, El Salvador's economy will grow by 4.5% this year. At the same time, the International Monetary Fund (IMF) hopes that the country will reduce its public debt to nearly 80% of its gross domestic product (GDP) by 2030.
Additional information:IMF has not disclosed which individuals or institutions these Bitcoin donations came from, nor has it specified how much Bitcoin each donor provided.
