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

In a statement issued Thursday, 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 added that 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. That program, approved in December 2024, was designed to support El Salvador's economy and has made the country's Bitcoin policy a recurring point of negotiation between Bukele's government and the lender, with disbursements tied to compliance with agreed conditions.

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.

In March 2025, the IMF issued new documents barring "voluntary accumulation" of Bitcoin by the public sector. President Nayib Bukele responded that the purchases were "not stopping" and said El Salvador would keep adding at least one BTC daily.

Since then, El Salvador's Bitcoin Office has frequently posted that it has continued to accumulate Bitcoin. In July 2025, the IMF offered an initial explanation, saying no new Bitcoin had been purchased since the December agreement. It attributed the increases to consolidation among government wallets.

The November announcement reopened the issue. An IMF representative previously told Cointelegraph that the lender would not provide "running commentary" on announcements and would assess compliance in due course. Thursday's statement is the most detailed accounting the IMF has offered so far of how the holdings grew, and future program reviews are expected to test whether the donation-based explanation and the Chivo privatization satisfy the December 2024 conditions.

According to the National Bitcoin Office's official reserve tracker, El Salvador currently holds about 7,764 Bitcoin. At BTC's current price of $80,900, according to CoinGecko, the stockpile is worth about $628 million. The balance remains higher than before the IMF agreement, reflecting additions attributed by the IMF to private donations.

Related: IMF says El Salvador in talks to sell state-run Chivo Bitcoin wallet

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