El Salvador Keeps Growing Its Bitcoin Treasury Despite IMF Agreement
Key Takeaways
- •El Salvador's Bitcoin treasury has reached 7,762 BTC and continues to grow by one Bitcoin purchased each day.
- •The IMF approved a roughly $1.4 billion financing arrangement in December 2024, conditional on reducing Bitcoin's role in the economy.
- •To satisfy IMF conditions, El Salvador removed the requirement for businesses to accept Bitcoin and began winding down the Chivo Wallet project, while leaving its sovereign Bitcoin holdings untouched.
- •El Salvador is now among the largest state holders of Bitcoin, alongside the United States and China, whose holdings largely come from seizures rather than purchases.
- •Some reports indicate government Bitcoin purchases are partly funded through a citizenship-by-investment program and dollar-trust conversions, though official funding details have not been fully disclosed.
El Salvador has increased its Bitcoin treasury to 7,762 BTC, continuing its policy of purchasing one Bitcoin every day despite reaching a financing agreement with the International Monetary Fund (IMF). El Salvador became the first country to adopt Bitcoin as legal tender in 2021, and its treasury accumulation since then has made it one of the largest state holders of Bitcoin alongside the United States and China, whose holdings largely stem from seizures rather than deliberate purchases.
The country's Bitcoin strategy has remained largely intact even after negotiations with the IMF, which had previously raised concerns about the risks associated with Bitcoin adoption. The continued accumulation reflects President Nayib Bukele's long-term commitment to holding Bitcoin as part of the nation's reserves, and the daily purchases have become a defining feature of El Salvador's crypto policy.
Policy Changes Helped Secure IMF Agreement
Before approving the financing package, the IMF pushed for changes to El Salvador's Bitcoin framework. The government responded by removing the requirement for businesses to accept Bitcoin as payment and beginning the wind-down of the state-backed Chivo Wallet project. These measures addressed key concerns raised during negotiations while leaving the country's sovereign Bitcoin holdings untouched. The IMF's board approved a roughly $1.4 billion arrangement in December 2024, conditional on scaling back Bitcoin's role in the economy — a condition El Salvador satisfied through the legal-tender rollback while preserving its accumulation policy.
Following the agreement, El Salvador continued adding to its Bitcoin reserves, signaling that its treasury strategy remains in place despite the policy adjustments. Bitcoin acquired by the government is in some accounts reported as partly funded through a citizenship-by-investment program and conversions from earlier dollar-backed trusts, though official breakdowns of funding sources have not been fully detailed.
Bitcoin Treasury Continues to Grow
The latest treasury milestone highlights El Salvador's distinctive approach to integrating Bitcoin into its national financial strategy. While regulatory changes accompanied the IMF agreement, the government has maintained its long-term accumulation plan. The strategy has drawn attention at a time when discussions of strategic Bitcoin reserves have gained traction elsewhere — the United States established a strategic Bitcoin reserve by executive order in 2025, and several U.S. states have passed or debated their own Bitcoin reserve legislation. Investors and policymakers will continue watching whether El Salvador's approach influences other nations considering Bitcoin as part of their sovereign reserves, as well as whether future IMF program reviews affect the daily purchase policy.
Source: CoinoMedia
