El Salvador’s post-review Bitcoin accumulation used no public funds: IMF

El Salvador used no public resources to accumulate Bitcoin after the first review of its International Monetary Fund (IMF) financing program in June 2025, according to the lender. 

In a Thursday statement, the IMF said documents supplied by Salvadoran authorities verified that the accumulation came from private donations. According to the lender, the increase in El Salvador’s holdings therefore did not reflect additional Bitcoin purchases financed with government resources. 

The IMF also said majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities. It said no further accumulation beyond documented donations is expected. 

The explanation addresses how El Salvador’s holdings grew after the first review, after the country said in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program. 

Bitcoin additions repeatedly raised questions

In December 2024, El Salvador agreed to limit public-sector involvement in Bitcoin under the IMF package. The agreement made private-sector Bitcoin acceptance voluntary, required taxes to be paid in US dollars and called for government involvement in Chivo to be unwound.