IMF Says El Salvador’s Bitcoin Accumulation Has Not Used Public Funds

The International Monetary Fund says El Salvador has not used public funds to accumulate bitcoin since the first review of its IMF program in 2025. The accumulation, it said, reflected private donations.

The IMF added that no further bitcoin purchases are expected beyond documented donations. It also said ownership and operational control of the government’s electronic wallet had been transferred to a private operator. The government retained a minority stake and custody responsibility for customers’ assets, while Nayib Bukele’s administration had not internally reported those changes, according to the account.

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The accumulation of bitcoin since the first review (2025) reflects private donations and has not involved the use of public resources.

The statement contrasts with the government’s earlier communications about its bitcoin policy. Since November 2022, Bukele’s administration had said it was buying one bitcoin a day with state funds. The country’s reserves now exceed 7,764 bitcoins, valued at more than $627 million at current exchange rates. In November 2025 alone, the government announced what it described as the purchase of 1,000 bitcoins for $100 million.

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Going forward, no additional accumulation of bitcoin beyond documented donations is expected.

The IMF said El Salvador and the fund also agreed on measures to modernize the legal, regulatory and supervisory framework for digital assets. The measures would further strengthen governance and risk management for public-sector crypto holdings.

El Salvador became the first country to adopt bitcoin as legal tender in September 2021. After reaching its agreement with the IMF, the government-controlled Legislative Assembly removed that status. The fund said it had reached a technical agreement with Salvadoran authorities on combined second and third reviews of the 40-month program. The agreement still requires approval by the IMF’s Executive Board and could release $140 million. The IMF said economic activity had exceeded expectations, fiscal and external imbalances were being corrected, and real GDP growth had outperformed forecasts in 2025.

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The program continues to deliver positive results. Economic activity has exceeded expectations, while fiscal and external imbalances are being corrected in line with the program’s commitments.