El Salvador’s post-review Bitcoin accumulation used no public funds: IMF
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The IMF stated that El Salvador’s Bitcoin accumulation after the June 2025 review of its financing program did not use public funds, but instead came from private donations. The IMF verified documents from Salvadoran authorities confirming this and noted no further Bitcoin acquisitions beyond these donations are expected. Additionally, operational control of the Chivo wallet was transferred to a private operator, with the government retaining a minority stake.
Why it matters
This development clarifies concerns about El Salvador’s compliance with conditions of its $1.4 billion IMF program, specifically regarding limits on public-sector involvement in Bitcoin. The information addresses lingering questions about how El Salvador’s Bitcoin holdings increased after the IMF review and sheds light on government and private sector roles in Bitcoin accumulation.
Key context
In December 2024, the IMF agreement with El Salvador restricted public-sector involvement in Bitcoin, making private acceptance voluntary and requiring taxes to be paid in US dollars. The IMF barred voluntary Bitcoin accumulation by the public sector in March 2025. Despite this, President Nayib Bukele announced ongoing Bitcoin purchases, and El Salvador’s Bitcoin Office reported continued accumulation, leading to repeated scrutiny. Previous IMF statements attributed increases to wallet consolidations, but the November 2025 acquisition announcement renewed questions until the IMF’s recent clarification.
Key numbers and entities
Key entities include El Salvador, the IMF, President Nayib Bukele, and the Chivo wallet. El Salvador announced acquiring 1,090 BTC worth about $100 million in November 2025. The National Bitcoin Office reports a holding of approximately 7,764 BTC, valued at around $628 million according to CoinGecko. The IMF’s financing program with El Salvador is for $1.4 billion.
What remains unclear
The source does not specify details about the private donors or the exact nature of the donations that funded the Bitcoin accumulation. It also does not clarify the full extent of the government’s custodial responsibilities with the Chivo wallet or how future Bitcoin holdings will be monitored for compliance.