The International Monetary Fund (IMF) states that El Salvador’s Bitcoin reserve growth over the past year originated from private donations rather than new government expenditure.
In its most recent assessment of the country’s loan program, the Fund noted that Bitcoin accumulation since the prior review reflected private donations, with no public resources employed. The agency indicated it anticipates no additional accumulation beyond documented contributions.
The Fund further emphasized that prior adjustments to El Salvador’s BTC position did not necessarily constitute new purchases.
The IMF also noted that the Salvadoran government had “substantially unwound” its stakes in the Chivo e-wallet. It explained:
“Majority ownership and operational control have been transferred to a private operator, while a minority stake and custodial responsibilities for customer assets have been retained by the government.”
El Salvador’s Bitcoin push continues despite the IMF accounting
At the end of June 2025, El Salvador held approximately 6,224 BTC; its official reserve tracker currently reflects a balance exceeding 7,764 BTC, representing an increase of roughly 1,540 BTC.
Applying the IMF’s latest assessment to subsequent accumulation suggests that much of the increase resulted from private donations rather than taxpayer-funded purchases.
El Salvador continues to characterize itself as an active Bitcoin purchaser.
As of August 28, the National Bitcoin Office announced another Bitcoin acquisition, reaffirming its longstanding message: “One BTC per day, every day.”
The government has continued extending Bitcoin adoption beyond the treasury, with President Nayib Bukele maintaining a pro-Bitcoin stance while the country expands cryptocurrency education initiatives and positions the asset within its long-term economic strategy.
Last year, the country restructured its Bitcoin treasury, moving away from a single reused wallet and distributing holdings across multiple addresses. Officials cited digital-asset security best practices, noting the change reduces long-term exposure to quantum-computing threats.
The updated structure keeps addresses publicly accessible, enabling observers to verify reserve balances. However, it does not differentiate between Bitcoin acquired with public funds, private donations, or transfers between government-controlled wallets.
This distinction has become central to the ongoing disagreement, as El Salvador’s reserve has grown by more than 1,500 BTC while the government continues to publicly promote daily purchases. The IMF maintains that recently verified accumulation did not require additional public spending.
The nation undeniably holds substantially more Bitcoin than it did a year ago. Whether “one BTC per day” reflects government-funded purchases or simply the pace at which Bitcoin enters the reserve remains unresolved.