IMF Confirms El Salvador’s Recent Bitcoin Gains Came From Private Donations

The International Monetary Fund (IMF) has clarified that El Salvador’s increase in Bitcoin holdings after the June 2025 review of its IMF financing program was financed entirely by private donations, not by government resources.

Private donations, not public funds

According to an IMF statement, documents provided by Salvadoran authorities verify that the Bitcoin added to the country’s reserve since June 2025 originated from private contributions. The IMF therefore concludes that the growth does not represent additional purchases funded by the state.

Changes to the Chivo wallet

The IMF also noted that majority ownership and operational control of the state‑run Chivo wallet have been transferred to a private operator. The government retains a minority stake and custodial responsibilities, and the IMF does not expect further accumulation beyond the documented donations.

Background on IMF‑El Salvador agreement

In December 2024, El Salvador agreed to limit public‑sector involvement in Bitcoin as part of its $1.4 billion IMF program. The agreement made private‑sector Bitcoin acceptance voluntary, required taxes to be paid in U.S. dollars, and called for the government to unwind its role in the Chivo wallet. In March 2025, the IMF issued guidance barring “voluntary accumulation” of Bitcoin by the public sector.

Recent developments

• In November 2025, El Salvador announced the acquisition of 1,090 BTC, valued at about $100 million, prompting renewed compliance questions.
• The IMF previously suggested that any increase in holdings was due to consolidation of existing government wallets, not new purchases.

Current reserve size

The National Bitcoin Office’s reserve tracker shows El Salvador holding roughly 7,764 BTC. At a price of $80,900 per Bitcoin, the stockpile is valued at approximately $628 million.