El Salvador President Nayib Bukele has rejected claims that the government transferred its Bitcoin reserves to a private operator, stating that only majority ownership and control of the Chivo wallet changed hands. The dispute followed a Sept. 3 IMF statement concerning El Salvador's economic program. According to Bukele, the transfer involved Chivo wallet ownership, while the government retained control of its roughly 7,763 BTC reserve.

The IMF reported that Bitcoin acquired since June 2025 came through private donations, with no public funds used for purchases. El Salvador's Strategic Bitcoin Reserve remains separate from Chivo and holds roughly 7,763 BTC, valued at over $600 million. The exchange matters beyond El Salvador because the country's Bitcoin policy has been a test case for sovereign adoption of the asset since it made Bitcoin legal tender in 2021, and clarity over who controls state-held BTC is central to how international creditors and institutions assess the program.

Bukele Separates Chivo From Bitcoin Reserves

Bukele called reports about the Bitcoin reserve transfer "totally false" on social media. He said only equity in the Chivo wallet entity moved to a private operator. The government retained a minority stake in Chivo, while the private operator gained majority ownership and operational control.

However, the IMF said the government remained the custodian of customer assets. The distinction centers on two separate holdings. Chivo serves as El Salvador's government-backed Bitcoin payment wallet, launched in 2021. Meanwhile, the Strategic Bitcoin Reserve represents the government's sovereign BTC holdings. The reserve contains roughly 7,763 BTC, valued between $618 million and $632 million.

IMF Reports No Public Bitcoin Purchases

The IMF said El Salvador provided documents covering Bitcoin acquired since its first EFF review, which took place June 27, 2025. According to the IMF, all Bitcoin accumulated since then came through private donations, and no public funds financed those additions.

The fund also said El Salvador does not expect further Bitcoin accumulation beyond the documented donations. This disclosure accompanied an agreement covering the second and third EFF reviews. The agreement concerns El Salvador's $1.4 billion Extended Fund Facility program, which was approved in late 2024 to support the country's fiscal reforms. Subject to board approval and prior actions, the country could receive about $140 million.

Chivo Ownership Changes Under IMF Program

The IMF agreement also addressed Chivo's ownership and operating structure. The government transferred majority ownership and operational control to a private operator, but the Bitcoin reserve remained separate from that transaction. Bukele therefore disputed reports linking the Chivo restructuring with a transfer of sovereign BTC.

El Salvador launched Chivo alongside its 2021 Bitcoin legal-tender policy, offering users a $30 Bitcoin incentive when they signed up. The country later revoked Bitcoin's legal-tender status in 2025 as part of conditions linked to the IMF program, making acceptance of Bitcoin voluntary for merchants. The Strategic Bitcoin Reserve, however, remained in government hands. The latest IMF review also covered El Salvador's fiscal position and debt sustainability. The proposed $140 million disbursement remains subject to Executive Board approval.