El Salvador executed its largest single-day Bitcoin (BTC) buy since adopting the cryptocurrency in 2021, buying roughly 1,090 BTC price roughly $100 million as costs slid beneath $90,000 on Nov. 18.
President Nayib Bukele disclosed the transaction on X with a screenshot from the federal government’s Bitcoin dashboard exhibiting whole holdings had climbed to 7,474 BTC, price between $680 million and $700 million at present costs.
The acquisition marks a 17% soar in nationwide reserves over seven days and represents probably the most important single-session addition to El Salvador’s stack.
The purchase landed throughout a broader risk-asset selloff that erased Bitcoin’s 2025 good points and pushed costs almost 30% beneath the October document above $126,000. The drawdown stems from doubts over Federal Reserve fee cuts and a correction in synthetic intelligence shares.
The acquisition extends El Salvador’s dollar-cost-averaging program, launched in November 2022, with a dedication to amass 1 BTC per day.
The federal government has maintained that accumulation technique by each bull and bear cycles, often including bigger tranches when costs fall sharply.
On-chain construction and transparency
The brand new cash stream into El Salvador’s Strategic Bitcoin Reserve, a custody framework the Nationwide Bitcoin Workplace deployed in August 2025. The construction distributes holdings throughout a number of wallets, every capped at 500 BTC, with a public dashboard aggregating balances.
Earlier than the current purchase, disclosed reserves ranged from 6,100 to six,313 BTC. Bukele’s Might and September updates confirmed a number of hundred million {dollars} in unrealized revenue when Bitcoin traded close to $100,000.
Third-party trackers, together with Bitcoin Treasuries and KuCoin, now report the up to date determine of seven,474 BTC. The acquisition registers as a small fraction of each day Bitcoin turnover however carries weight towards skinny spot order books throughout risk-off periods.
The timing positions El Salvador as one of many few institutional consumers keen so as to add publicity whereas exchange-traded funds document web outflows.
Moreover, the acquisition reignites friction with the Worldwide Financial Fund (IMF).
El Salvador secured a 40-month, $1.4 billion Prolonged Fund Facility in late 2024 and early 2025, with mortgage paperwork requiring the federal government to reduce provisions of its 2021 Bitcoin Legislation.
Tax funds in Bitcoin have been prohibited, and personal sector acceptance shifted from necessary to voluntary. Per the IMF employees report, authorities “stay dedicated to not rising the general public sector’s publicity to Bitcoin,” and administrators welcomed that pledge whereas warning about financial-stability and financial dangers.
In March, El Salvador dedicated “to not accumulate additional bitcoins on the stage of the general public sector” as a part of this system. But, Bukele has continued shopping for anyway.
The federal government maintained its each day acquisition coverage after the IMF settlement and executed a ceremonial 21 BTC buy in September to mark “Bitcoin Day,” which contradicted this system’s phrases.
IMF officers have tried to reconcile the discrepancy by stating that will increase to the Strategic Bitcoin Reserve stay in keeping with conditionality, with out clarifying how purchases by the Nationwide Bitcoin Workplace keep away from including to general state publicity.
Market depth and sovereign signaling
The $100 million order stream carries symbolic weight past its dimension. El Salvador operates one of many few sovereign Bitcoin treasuries and has demonstrated a willingness to lean into drawdowns, even amid multi-year IMF obligations.
The purchase arrived as Bitcoin broke beneath $90,000 for the primary time in roughly seven months, a threshold that triggered promoting from leveraged positions and institutional holders.
From a market microstructure perspective, the transaction gives seen help in skinny books throughout a session when most institutional capital fled threat belongings.
The federal government’s dashboard replace and Bukele’s public disclosure reinforce the administration’s dedication to accumulation no matter short-term value motion or exterior stress from multilateral lenders.