Bitcoin: IMF Finally Sheds Light on El Salvador’s Mysterious Purchases

El Salvador continues to show an increasing Bitcoin reserve. However, the State allegedly did not use public money to buy the BTC added since June 2025. The IMF states it received documents showing this increase comes from private donations. The official reserve now reaches about 7,764 bitcoins.

Bitcoin continues to arrive in El Salvador’s reserves

Official figures still gave the impression of regular purchases. In June, El Salvador already displayed 7,687 bitcoins despite IMF pressures. The reserve now reaches about 7,764 BTC. The government counter has continued to move after the first IMF program review, completed on June 27, 2025.

One movement particularly caught attention. More than 1,000 bitcoins joined official wallets in November. The public tracking then continued to show entries close to one BTC per day.

Nayib Bukele himself assured in March 2025 that Bitcoin purchases would not stop. The IMF today gives another explanation. The additional BTC would not be financed by the Salvadoran budget. They would have been donated.

The IMF confirms the private origin of the new BTC

El Salvador provided documents to the IMF to explain the evolution of its reserve. According to the institution, these documents show that the accumulation observed since the first program review comes from private donations.

No public resources would have been used to buy these bitcoins. However, the IMF gives no names. It is unknown who the donors are, how many bitcoins each transferred, and under what conditions these donations were made.

The detail matters because the agreement concluded with El Salvador specifically aimed to limit the public sector’s exposure to Bitcoin. The topic had already created tensions. In 2025, El Salvador was accused of bypassing certain IMF requirements around its Bitcoin holdings.

The institution today states that the main commitment was respected. The government did not spend additional public funds to accumulate BTC. The IMF adds that no new increase in the reserve is expected beyond the already documented donations. The statement thus closes part of the debate. Not necessarily all. The bitcoins remain in an official reserve, even if the money that allowed their arrival does not come directly from the Treasury.

Bukele keeps Bitcoin without breaking with the IMF

The compromise goes further. El Salvador has gradually reduced the public role of the Chivo wallet. The majority of capital and operational control of the wallet were transferred to a private operator.

The State retains a minority stake and certain responsibilities related to the custody of users’ assets. Bitcoin also lost part of the exceptional status obtained in 2021. Its acceptance by businesses has become voluntary. Taxes must be paid in dollars. And the government committed to better regulating the risks related to digital assets.

In exchange, relations with the IMF progress. The Fund’s teams and Salvadoran authorities have just concluded an agreement at the service level on the second and third reviews of the $1.4 billion financing program.

If the board gives the green light, about $140 million additional can be unlocked. El Salvador therefore keeps its bitcoins while respecting, at least according to the IMF, the limit imposed on public spending. The reserve continues to grow, but the financing changes nature. A new stage for a country that continues in parallel to open its financial system to investment banks capable of operating with Bitcoin.