IMF Says El Salvador’s New Bitcoin Came from Donations, Not Government Spending
El Salvador’s Bitcoin holdings rise, but funding source is disputed
El Salvador’s official Bitcoin reserve has grown by about 1,540 Bitcoin (BTC) since last June, reaching more than 7,764 BTC. However, the International Monetary Fund (IMF) says the government did not pay for these recent additions.
According to the IMF’s latest review of the country’s loan program, documents provided by El Salvador show that the Bitcoin accumulated after the previous review came from private donations, not public funds. The IMF stated that no public resources were used for these purchases and expects no further accumulation beyond the documented contributions.
This finding creates a tension with the Salvadoran government’s public messaging. President Nayib Bukele and his National Bitcoin Office have continued to promote the idea of daily government purchases, repeating the slogan “one BTC per day, every day.”
Key numbers and findings
- El Salvador held about 6,224 BTC at the end of June 2025.
- The reserve now holds more than 7,764 BTC, an increase of roughly 1,540 BTC.
- The IMF verified that this recent growth came from private donations rather than taxpayer money.
- The government continues to claim it is actively buying Bitcoin daily.
What the IMF review says
In its September 3, 2026, review, the IMF noted that earlier changes in El Salvador’s Bitcoin position had also not necessarily represented new buying. Previous increases were found to be transfers among government-controlled wallets, while small fluctuations were linked to Bitcoin-denominated deposits held through Chivo, the state-backed digital wallet.
The IMF also observed that El Salvador has “substantially unwound” its stakes in Chivo. Majority ownership and operational control have been transferred to a private operator, while the government retains a minority stake and custodial responsibilities for customer assets.
Government messaging continues
Despite the IMF’s assessment, El Salvador maintains its pro-Bitcoin stance. On August 28, the National Bitcoin Office posted that the country had “just bought more Bitcoin.” President Bukele has continued to support Bitcoin education initiatives and presents the asset as part of the country’s long-term economic strategy.
Last year, El Salvador overhauled its Bitcoin treasury structure. It moved away from a single reused wallet and spread holdings across multiple addresses. Officials stated this change followed security best practices and reduced exposure to potential future quantum-computing threats. The new addresses remain public, allowing observers to verify the reserve balance.
What remains unclear
The core disagreement centers on accounting transparency. The current public reserve data cannot distinguish between Bitcoin bought with public money, private donations, or transfers between government wallets. While it is confirmed that El Salvador owns substantially more Bitcoin than a year ago, it is unclear whether the “one BTC per day” message refers to ongoing government-funded purchases or simply the rate at which Bitcoin is entering the reserve through donations and other means.
Why this matters
The distinction is significant for El Salvador’s relationship with international lenders and its domestic narrative. If the government is not spending public funds on Bitcoin, it alters the fiscal risk profile of the country’s crypto strategy. However, the lack of transparent accounting leaves the source of accumulation ambiguous, fueling debate over the program’s sustainability and funding.
