IMF Says El Salvador’s Recent Bitcoin Purchases Came From Private Donations

IMF clears El Salvador of using state money for Bitcoin

The International Monetary Fund (IMF) stated that El Salvador did not use government money to buy Bitcoin after its first program review in June 2025. Instead, the increase in the country's Bitcoin holdings came from private donations.

In a statement on Thursday, the IMF said documents from Salvadoran authorities showed the donations were properly recorded. The lender added that majority ownership and control of the Chivo Bitcoin wallet was transferred to a private operator, though the government still keeps a small stake and handles custody.

This explanation addresses concerns raised after El Salvador announced in November 2025 that it had acquired 1,090 BTC, worth about $100 million at the time. Some observers worried the purchase violated the terms of a $1.4 billion IMF financing program.

Key points from the report

• The IMF verified that post-June 2025 Bitcoin additions were funded by private donations, not public resources.
• Operational control of the Chivo wallet moved to a private operator; the state retains a minority share and custody duties.
• The IMF expects no further accumulation beyond the documented private donations.
• El Salvador currently holds roughly 7,764 BTC, valued at around $628 million based on a price of $80,900.

Background on compliance questions

In December 2024, El Salvador agreed under the IMF deal to limit public-sector involvement in Bitcoin. The rules required taxes to be paid in US dollars, made private Bitcoin acceptance voluntary, and called for the government to wind down its role in Chivo.

By March 2025, the IMF issued documents banning “voluntary accumulation” of Bitcoin by the public sector. President Nayib Bukele responded by saying purchases were not stopping and that the country would keep adding at least one BTC daily.

Earlier in July 2025, the IMF had offered a different explanation for rising holdings, saying no new Bitcoin had been purchased since the December agreement and that increases were due to consolidation among government wallets. The November 2025 announcement reopened the issue.

What remains unclear

While the IMF said the recent accumulation came from private donations, the source material does not disclose how much was donated, who the donors were, or whether any government funds were indirectly involved. The IMF also previously noted it would not provide “running commentary” on announcements and would assess compliance in due course.

Why this matters

The clarification is important for El Salvador’s relationship with the IMF. The country is under a $1.4 billion financing program that includes conditions on Bitcoin policy. Showing that recent Bitcoin purchases were donation-funded rather than state-funded may help ease concerns about program compliance.

What happens next

The source material does not provide a clear timeline or next step. The IMF said it would assess compliance in due course, but no specific review dates or actions were mentioned.

Sources

• Cointelegraph